UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number | 811-05012 |
|
CREDIT SUISSE ASSET MANAGEMENT INCOME FUND, INC. |
(Exact name of registrant as specified in charter) |
|
Eleven Madison Avenue, New York, New York | | 10010 |
(Address of principal executive offices) | | (Zip code) |
|
J. Kevin Gao, Esq. Credit Suisse Asset Management Income Fund, Inc. Eleven Madison Avenue New York, New York 10010 |
(Name and address of agent for service) |
|
Registrant’s telephone number, including area code: | (212) 325-2000 | |
|
Date of fiscal year end: | December 31 | |
|
Date of reporting period: | January 1, 2007 to June 30, 2007 | |
| | | | | | | | | |
Item 1. Reports to Stockholders.
Credit Suisse Asset Management
Income Fund, Inc.
Eleven Madison Avenue
New York, NY 10010
Directors
Enrique R. Arzac
Chairman of the Board
Terry Fires Bovarnick
James J. Cattano
Lawrence J. Fox
Lawrence Haber
Steven N. Rappaport
Officers
Keith M. Schappert
Chief Executive Officer and President
Martha B. Metcalf
Chief Investment Officer
J. Kevin Gao
Chief Legal Officer, Senior Vice President
and Secretary
Emidio Morizio
Chief Compliance Officer
Michael A. Pignataro
Chief Financial Officer
Robert Rizza
Treasurer
Investment Adviser
Credit Suisse Asset Management, LLC
Eleven Madison Avenue
New York, New York 10010
Investment Sub-Adviser
Credit Suisse Asset Management Limited
One Cabot Square
London, E14 4QJ
Administrator and Custodian
Brown Brothers Harriman & Co.
40 Water Street
Boston, Massachusetts 02109
Shareholder Servicing Agent
Computershare Trust Company, N.A.
P.O. Box 43010
Providence, RI 02940-3010
Legal Counsel
Willkie Farr & Gallagher
787 7th Avenue
New York, New York 10019
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
100 East Pratt Street
Baltimore, MD 21202
Credit Suisse Asset Management
Income Fund, Inc.
SEMIANNUAL REPORT
June 30, 2007
(unaudited)
Credit Suisse Asset Management Income Fund, Inc.
Semiannual Investment Adviser's Report
June 30, 2007 (unaudited)
July 26, 2007
Dear Shareholder:
Performance Summary
1/1/07 – 06/30/07
Fund and Benchmark | | Performance | |
Total Return (based on NAV)1 | | | 4.16 | % | |
Total Return (based on market value)1 | | | 1.32 | % | |
Merrill Lynch US High Yield Master II Constrained Index2 | | | 3.14 | % | |
Market Review: Lower-rated issuers outperform the broad market
For the semiannual period ended June 30, 2007, the high yield market, as measured by the Merrill Lynch US High Yield Master II Constrained Index, returned 3.14%.
Lower-rated issuers outperformed the broader market for the period with CCC-rated securities returning 6.10%. Additionally, B-rated securities slightly outperformed the market at 3.39%, while BB-rated securities underperformed at 1.87%. High yield spreads widened 5 basis points relative to the Treasury market to end the period at 308 basis points.
Credit fundamentals continued to be firm as default rates, reported by Moody's Investor Services, continue to hover near 10-year lows at 1.38%. Equally supportive of fundamentals is the Merrill Lynch distress ratio, a leading indicator for future default rates, which has remained near 15 year-lows of 1.2% for the period.
Against this fundamental backdrop, the technical environment has been pressured the past few months as the new issue calendar continues to grow. Year-to-date, $95.3 billion in new issues came into the U.S. Dollar high yield market. This represents a 50% increase over the same period last year. Supply pressures are likely to remain near-term as the high yield market digests an estimated $80 billion in new issues through year-end. In addition, mutual fund outflows for the past four weeks have also strained market technicals.
Over the period, nearly all sectors in the broad market posted positive returns. Auto parts, transportation, and metals/mining outperformed the market while builders, auto loans and hotels underperformed.
Strategic Review and Outlook: High yield market is vulnerable to external shocks
For the six-month period ended June 30, 2007, the Fund returned 4.16% as compared to 3.14% for the benchmark. In terms of industry exposures, superior security selection in telecom-integrated, media-cable, media-broadcast and diversified capital contributed to performance. An underweight to metals/mining hurt relative returns.
The Fund continues to benefit from an underweight to BB-rated securities as the compression between lower rated securities and the broad market has persisted. We have, however, used the recent Treasury weakening as an opportunity to partially cover this underweight as the BB index now yields 7.25%.
At the sector level, we remain constructive on corporate spending and the commercial cycle broadly. In contrast, we have grown more cautious with respect to consumer driven sectors given high energy prices and weak housing data. Additionally, we are maintaining an overweight in the cable sector as we expect product bundling will continue to support subscriber and margin growth.
The recent equity volatility in February combined with fears from subprime lending in June has proven that the high yield market is vulnerable to external shocks. We believe it may display some volatility in the future. While
Credit Suisse Asset Management Income Fund, Inc.
Semiannual Investment Adviser's Report (continued)
June 30, 2007 (unaudited)
the new issue calendar will continue to pressure in the near-term, the recent spread widening has brought valuations more in–line to fair value. We will look for opportunities to add exposure in new issues with cheaper pricing and better covenants as well as higher yielding BB-rated securities.
| | | |
|
Martha Metcalf Chief Investment Officer* | | Keith M. Schappert Chief Executive Officer and President** | |
|
High yield bonds are lower-quality bonds that are also known as "junk bonds." Such bonds entail greater risks than those found in higher-rated securities.
International investing entails special risk considerations, including currency fluctuations, lower liquidity, economic and political risks, and differences in accounting methods; these risks are generally heightened for emerging- market investments. The Fund may include a greater degree of risk than other funds that invest in larger, more-developed markets.
In addition to historical information, this report contains forward-looking statements, which may concern, among other things, domestic and foreign market, industry and economic trends and developments and government regulation and their potential impact on the Fund's investments. These statements are subject to risks and uncertainties and actual trends, developments and regulations in the future and their impact on the Fund could be materially different from those projected, anticipated or implied. The Fund has no obligation to update or revise forward-looking statements.
We wish to remind shareholders about the Fund's dividend reinvestment program known as the InvestlinkSM Program (the "Program"). The Program is sponsored and administered by Computershare Trust Company N.A. ("Computershare"), not by the Fund. Computershare will act as program administrator (the "Program Administrator") of the Program. The purpose of the Program is to provide existing shareholders with a simple and convenient way to invest additional funds and reinvest dividends in shares of the Fund's common stock. The enrollment form and information relating to the Program (including the terms and conditions) may be obtained by calling the Program Administrator at one of the following telephone numbers: (800) 730-6001 (U.S and Canada) or (781) 575-3100 (outside U.S. and Canada). All correspondence regarding the Program should be directed to: Computershare Trust Company, N.A., InvestLinkSM Program, P.O. Box 43010, Provi dence, RI 02940-3010.
* Martha B. Metcalf is a Managing Director of Credit Suisse Asset Management, LLC ("Credit Suisse") and head of the U.S. High Yield Management Team. She has served in these capacities since 2005. As of November 2005, she is primarily responsible for the management of the Fund's assets. From 2000 until 2005, she was a Managing Director and Portfolio Manager of Global High Yield bonds, and head of a global high yield business with responsibility for total return, as well as structured portfolios at Invesco. Prior to her tenure at Invesco, Ms. Metcalf served for over 10 years at JPMorgan Investment Management, where she was Vice President and Portfolio Manager for High Yield Corporate bonds.
** Keith M. Schappert is Executive Vice Chairman and Head of Asset Management for Americas of Credit Suisse and CEO/President of the Fund. Mr. Schappert joined Credit Suisse in 2006 from Federated Investment Advisory Companies, where he was CEO and President from 2002. Prior to Federated, Mr. Schappert was CEO and President of JP Morgan Investment Management from 1994 to 2001.
1 Assuming reinvestment of dividends of $0.15 per share.
2 The Merrill Lynch US High Yield Master II Constrained Index is an unmanaged index that tracks the performance of below-investment-grade, U.S. dollar-denominated corporate bonds issued in the U.S. domestic market. Any individual issuer is capped at 2%. Investors cannot invest directly in an index.
Credit Suisse Asset Management Income Fund, Inc.
Semiannual Investment Adviser's Report (continued)
June 30, 2007 (unaudited)
Top Ten Holdings
(% of net assets as of 6/30/07)
Security Description
1.
| | HCA, Inc. 6.500%, 02/15/16 | | | 1.25 | % | |
2.
| | SunGard Data Systems, Inc. 10.250%, 08/15/15 | | | 0.85 | % | |
3.
| | General Motors Corp. 7.125%, 07/15/13 | | | 0.84 | % | |
4.
| | CCH I LLC 11.000%, 10/01/15 | | | 0.80 | % | |
5.
| | General Motors Acceptance Corp. 5.625%, 05/15/09 | | | 0.76 | % | |
6.
| | Freescale Semiconductor, Inc. 10.125%, 12/15/16 | | | 0.75 | % | |
7.
| | Smurfit-Stone Container 8.375%, 07/01/12 | | | 0.74 | % | |
8.
| | General Motors Corp. 8.375%, 07/15/33 | | | 0.74 | % | |
9.
| | Ford Motor Credit Co. 7.00%, 10/1/13 | | | 0.73 | % | |
10.
| | Chesapeake Energy Corp. 6.875%, 01/15/16 | | | 0.73 | % | |
Credit Quality Breakdown
(% of total investments as of 6/30/07)
BBB | | | 0.4 | % | |
BB | | | 11.5 | | |
B | | | 49.6 | | |
CCC | | | 35.0 | | |
CC | | | 0.8 | | |
D | | | 0.3 | | |
N/R | | | 0.9 | | |
Subtotal | | | 98.5 | | |
Time Deposit | | | 0.5 | | |
Equities and Other | | | 1.0 | | |
Total | | | 100.0 | % | |
1
Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments
June 30, 2007 (unaudited)
Par (000) | |
| | Ratings† (S&P/Moody's) | | Maturity | | Rate% | | Value | |
U.S. CORPORATE BONDS (88.0%) | | | |
Aerospace/Defense (1.6%) | | | |
$ | 275 | | | DRS Technologies, Inc., Company Guaranteed Notes (Callable 02/01/11 @ $103.81) | | (B , B3) | | 02/01/18 | | | 7.625 | | | $ | 279,125 | | |
| 275 | | | DRS Technologies, Inc., Global Senior Subordinated Notes (Callable 11/01/08 @ $103.44) | | (B , B3) | | 11/01/13 | | | 6.875 | | | | 268,125 | | |
| 200 | | | Hawker Beechcraft Acquisition Company LLC, Rule 144A, Senior Notes (Callable 04/01/11 @ $104.25) ‡ | | (B- , B3) | | 04/01/15 | | | 8.500 | | | | 207,000 | | |
| 375 | | | Hawker Beechcraft Acquisition Company LLC, Rule 144A, Senior Notes (Callable 04/01/11 @ $104.44) ‡ | | (B- , B3) | | 04/01/15 | | | 8.875 | | | | 387,187 | | |
| 775 | | | Hawker Beechcraft Acquisition Company LLC, Rule 144A, Senior Subordinated Notes (Callable 04/01/12 @ $104.88) ‡ | | (B- , Caa1) | | 04/01/17 | | | 9.750 | | | | 811,812 | | |
| 475 | | | K&F Acquisition, Inc., Global Company Guaranteed Notes (Callable 11/15/09 @ $103.88) | | (NR , Caa1) | | 11/15/14 | | | 7.750 | | | | 505,875 | | |
| 725 | | | L-3 Communication Corp., Global Senior Subordinated Notes (Callable 01/15/10 @ $102.94) | | (BB+ , Ba3) | | 01/15/15 | | | 5.875 | | | | 676,062 | | |
| 150 | | | TransDigm, Inc., Global Company Guaranteed Notes (Callable 07/15/09 @ $105.81) | | (B- , B3) | | 07/15/14 | | | 7.750 | | | | 152,250 | | |
| 300 | | | TransDigm, Inc., Rule 144A, Senior Subordinated Notes (Callable 07/15/09 @ $105.81) ‡ | | (B- , B3) | | 07/15/14 | | | 7.750 | | | | 304,500 | | |
| | | | | | | | | | | 3,591,936 | | |
Agriculture (0.4%) | | | |
| 825 | | | Southern States Cooperative, Inc., Rule 144A, Senior Notes (Callable 11/01/07 @ $108.00) ‡ | | (B , Caa1) | | 11/01/10 | | | 10.500 | | | | 874,500 | | |
Apparel/Textiles (0.7%) | | | |
| 675 | | | Levi Strauss & Co., Global Senior Notes (Callable 01/15/10 @ $104.88) | | (B , B2) | | 01/15/15 | | | 9.750 | | | | 725,625 | | |
| 275 | | | Levi Strauss & Co., Global Senior Notes (Callable 12/15/07 @ $106.13) | | (B , B2) | | 12/15/12 | | | 12.250 | | | | 299,062 | | |
| 500 | | | Propex Fabrics, Inc., Global Company Guaranteed Notes (Callable 12/01/08 @ $105.00) | | (CCC , Caa1) | | 12/01/12 | | | 10.000 | | | | 450,000 | | |
| | | | | | | | | | | 1,474,687 | | |
Auto Loans (3.9%) | | | |
| 1,725 | | | Ford Motor Credit Co., Global Notes | | (B , B1) | | 10/01/13 | | | 7.000 | | | | 1,600,167 | | |
| 750 | | | Ford Motor Credit Co., Global Notes | | (B , B1) | | 06/15/10 | | | 7.875 | | | | 750,340 | | |
| 425 | | | Ford Motor Credit Co., Senior Notes | | (B , B1) | | 08/10/11 | | | 9.875 | | | | 446,468 | | |
| 650 | | | Ford Motor Credit Co., Senior Unsecured Notes | | (B , B1) | | 06/16/08 | | | 6.625 | | | | 649,708 | | |
| 1,300 | | | Ford Motor Credit Co., US Domestic, Senior Unsecured Notes | | (B , B1) | | 12/15/16 | | | 8.000 | | | | 1,247,216 | | |
| 1,700 | | | General Motors Acceptance Corp., Global Notes | | (BB+ , Ba1) | | 05/15/09 | | | 5.625 | | | | 1,662,867 | | |
| 1,480 | | | General Motors Acceptance Corp., Global Notes | | (BB+ , Ba1) | | 12/01/14 | | | 6.750 | | | | 1,419,351 | | |
| 850 | | | GMAC LLC, US Domestic, Senior Unsubordinated Notes | | (BB+ , Ba1) | | 12/15/11 | | | 6.000 | | | | 808,868 | | |
| | | | | | | | | | | 8,584,985 | | |
Automobile Parts & Equipment (2.1%) | | | |
| 650 | | | Altra Industrial Motion, Inc., Global Secured Notes (Callable 12/01/08 @ $104.50) | | (CCC+ , B2) | | 12/01/11 | | | 9.000 | | | | 676,000 | | |
| 275 | | | Altra Industrial Motion, Inc., Rule 144A, Secured Notes (Callable 12/01/08 @ $104.50) ‡ | | (CCC+ , B2) | | 12/01/11 | | | 9.000 | | | | 286,000 | | |
| 800 | | | American Tire Distributors Holdings, Inc., Global Senior Notes (Callable 04/01/09 @ $105.38) § | | (CCC+ , Caa1) | | 04/01/13 | | | 10.750 | | | | 820,000 | | |
| 812 | | | Goodyear Tire & Rubber Co., Global Senior Notes (Callable 07/01/10 @ $104.50) § | | (B , Ba3) | | 07/01/15 | | | 9.000 | | | | 878,990 | | |
| 75 | | | Goodyear Tire & Rubber Co., Rule 144A, Senior Notes (Callable 08/13/07 @ $100.00) ‡ | | (B , Ba3) | | 12/01/09 | | | 9.140 | | | | 75,562 | | |
| 16 | | | Goodyear Tire & Rubber Co., Rule 144A, Senior Notes (Callable 12/01/09 @ $104.31) ‡ | | (B , Ba3) | | 12/01/11 | | | 8.625 | | | | 16,920 | | |
| 450 | | | Keystone Automotive Operations, Inc., Global Senior Subordinated Notes (Callable 11/01/08 @ $104.88) | | (CCC+ , Caa2) | | 11/01/13 | | | 9.750 | | | | 393,750 | | |
| 775 | | | Stanadyne Corp., Global Senior Subordinated Notes (Callable 08/15/09 @ $105.00) | | (CCC+ , Caa1) | | 08/15/14 | | | 10.000 | | | | 823,437 | | |
| 600 | | | Visteon Corp., Global Senior Notes | | (CCC+ , Caa2) | | 08/01/10 | | | 8.250 | | | | 598,500 | | |
| | | | | | | | | | | 4,569,159 | | |
Automotive (2.0%) | | | |
| 1,210 | | | Ford Motor Co., Global Notes | | (CCC+ , Caa1) | | 07/16/31 | | | 7.450 | | | | 972,537 | | |
| 1,950 | | | General Motors Corp., Global Senior Notes § | | (B- , Caa1) | | 07/15/13 | | | 7.125 | | | | 1,835,437 | | |
| 1,750 | | | General Motors Corp., Global Senior Unsubordinated Notes § | | (B- , Caa1) | | 07/15/33 | | | 8.375 | | | | 1,605,625 | | |
| | | | | | | | | | | 4,413,599 | | |
Beverage (0.2%) | | | |
| 525 | | | Constellation Brands, Inc., Company Guaranteed Notes | | (BB- , Ba3) | | 09/01/16 | | | 7.250 | | | | 514,500 | | |
Brokerage (0.2%) | | | |
| 175 | | | E*TRADE Financial Corp., Global Senior Unsecured Notes (Callable 06/15/08 @ $104.00) | | (BB- , Ba2) | | 06/15/11 | | | 8.000 | | | | 180,250 | | |
| 315 | | | E*TRADE Financial Corp., US Domestic, Senior Unsecured Notes (Callable 12/01/10 @ $103.94) | | (BB- , Ba2) | | 12/01/15 | | | 7.875 | | | | 329,569 | | |
| | | | | | | | | | | 509,819 | | |
See Accompanying Notes to Financial Statements.
2
Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments (continued)
June 30, 2007 (unaudited)
Par (000) | |
| | Ratings† (S&P/Moody's) | | Maturity | | Rate% | | Value | |
U.S. CORPORATE BONDS | | | |
Building & Construction (1.8%) | | | |
$ | 900 | | | Ashton Woods, Global Senior Subordinated Notes (Callable 10/01/10 @ $104.75) | | (B- , B3) | | 10/01/15 | | | 9.500 | | | $ | 837,000 | | |
| 500 | | | K Hovnanian Enterprises, Inc., Global Company Guaranteed Notes | | (BB , Ba3) | | 01/15/16 | | | 6.250 | | | | 427,500 | | |
| 600 | | | KB Home, Senior Notes § | | (BB+ , Ba1) | | 06/15/15 | | | 6.250 | | | | 531,000 | | |
| 625 | | | Standard Pacific Corp., Global Senior Notes § | | (BB , Ba3) | | 08/15/15 | | | 7.000 | | | | 553,125 | | |
| 750 | | | TOUSA, Inc., Global Senior Subordinated Notes § | | (CCC+ , Caa2) | | 01/15/15 | | | 7.500 | | | | 521,250 | | |
| 425 | | | WCI Communities, Inc., Global Company Guaranteed Notes (Callable 03/15/10 @ $103.31) § | | (B+ , Caa1) | | 03/15/15 | | | 6.625 | | | | 384,625 | | |
| 250 | | | William Lyon Homes, Inc., Global Senior Notes (Callable 02/15/09 @ $103.75) § | | (B , Caa1) | | 02/15/14 | | | 7.500 | | | | 211,250 | | |
| 500 | | | William Lyon Homes, Inc., Global Senior Notes (Callable 12/15/08 @ $103.81) | | (B , Caa1) | | 12/15/12 | | | 7.625 | | | | 430,000 | | |
| | | | | | | | | | | 3,895,750 | | |
Building Materials (3.9%) | | | |
| 750 | | | Associated Materials, Inc., Global Senior Discount Notes (Callable 03/01/09 @ $105.63) + | | (CCC , Caa2) | | 03/01/14 | | | 0.000 | | | | 562,500 | | |
| 825 | | | Building Materials Corp. of America, Global Secured Notes (Callable 08/01/09 @ $103.88) | | (BB- , B2) | | 08/01/14 | | | 7.750 | | | | 804,375 | | |
| 1,000 | | | Coleman Cable, Inc., Global Company Guaranteed Notes (Callable 10/01/08 @ $104.94) | | (B , B2) | | 10/01/12 | | | 9.875 | | | | 1,050,000 | | |
| 750 | | | CPG International I, Inc., Global Senior Unsecured Notes (Callable 07/01/09 @ $105.25) | | (B- , B3) | | 07/01/13 | | | 10.500 | | | | 772,500 | | |
| 300 | | | Dayton Superior Corp., Company Guaranteed Notes (Callable 08/13/07 @ $102.17) | | (CCC+ , Caa2) | | 06/15/09 | | | 13.000 | | | | 306,750 | | |
| 500 | | | Dayton Superior Corp., Global Company Guaranteed Notes (Callable 08/13/07 @ $102.81) | | (B , B2) | | 09/15/08 | | | 10.750 | | | | 513,750 | | |
| 375 | | | General Cable Corp., Rule 144A, Senior Notes (Callable 04/01/09 @ $102.00) ‡ | | (B+ , B1) | | 04/01/15 | | | 7.725 | | | | 376,875 | | |
| 175 | | | General Cable Corp., Rule 144A, Senior Notes (Callable 04/01/12 @ $103.56) ‡ | | (B+ , B1) | | 04/01/17 | | | 7.125 | | | | 174,125 | | |
| 875 | | | Goodman Global Holding Company, Inc., Global Senior Subordinated Notes (Callable 12/15/08 @ $103.94) § | | (B- , B3) | | 12/15/12 | | | 7.875 | | | | 870,625 | | |
| 400 | | | Interface, Inc., Global Senior Subordinated Notes (Callable 02/01/09 @ $104.75) | | (CCC+ , B3) | | 02/01/14 | | | 9.500 | | | | 433,000 | | |
| 325 | | | Norcraft Companies, Global Senior Subordinated Notes (Callable 11/01/07 @ $104.50) | | (B- , B1) | | 11/01/11 | | | 9.000 | | | | 337,187 | | |
| 250 | | | Norcraft Holdings LP, Global Senior Discount Notes (Callable 09/01/08 @ $104.88) | | (B- , B3) | | 09/01/12 | | | 9.750 | | | | 230,000 | | |
| 700 | | | Nortek, Inc., Global Senior Subordinated Notes (Callable 09/01/09 @ $104.25) | | (CCC+ , B3) | | 09/01/14 | | | 8.500 | | | | 670,250 | | |
| 750 | | | NTK Holdings, Inc., Global Senior Discount Notes (Callable 09/01/09 @ $105.38) §+ | | (CCC+ , Caa1) | | 03/01/14 | | | 0.000 | | | | 547,500 | | |
| 1,025 | | | Ply Gem Industries, Inc., Global Senior Subordinated Notes (Callable 02/15/08 @ $104.50) § | | (CCC+ , Caa1) | | 02/15/12 | | | 9.000 | | | | 926,344 | | |
| | | | | | | | | | | 8,575,781 | | |
Chemicals (2.5%) | | | |
| 650 | | | Koppers Holdings, Inc., Global Senior Discount Notes (Callable 11/15/09 @ $104.94) + | | (B- , B3) | | 11/15/14 | | | 0.000 | | | | 559,000 | | |
| 375 | | | Lyondell Chemical Co., Global Company Guaranteed Notes (Callable 06/01/08 @ $105.25) | | (BB+ , Ba2) | | 06/01/13 | | | 10.500 | | | | 406,875 | | |
| 675 | | | Lyondell Chemical Co., Global Senior Unsecured Notes (Callable 09/15/10 @ $104.00) | | (B+ , B1) | | 09/15/14 | | | 8.000 | | | | 696,937 | | |
| 925 | | | Lyondell Chemical Co., Global Senior Unsecured Notes (Callable 09/15/11 @ $104.13) | | (B+ , B1) | | 09/15/16 | | | 8.250 | | | | 971,250 | | |
| 250 | | | Momentive Performance Materials, Inc., Rule 144A, Company Guaranteed Notes (Callable 12/01/10 @ $104.88) ‡ | | (B- , B3) | | 12/01/14 | | | 9.750 | | | | 253,750 | | |
| 625 | | | Momentive Performance Materials, Inc., Rule 144A, Senior Subordinated Notes (Callable 12/01/11 @ $105.75) ‡ | | (CCC+ , Caa2) | | 12/01/16 | | | 11.500 | | | | 634,375 | | |
| 800 | | | Nalco Finance Holdings, Inc., Global Senior Notes (Callable 02/01/09 @ $104.50) + | | (B- , B3) | | 02/01/14 | | | 0.000 | | | | 732,000 | | |
| 312 | | | PolyOne Corp., Global Company Guaranteed Notes (Callable 08/13/07 @ $105.31) | | (B+ , B2) | | 05/15/10 | | | 10.625 | | | | 328,380 | | |
| 250 | | | PolyOne Corp., Senior Notes § | | (B+ , B2) | | 05/01/12 | | | 8.875 | | | | 249,375 | | |
| 725 | | | Terra Capital, Inc., Global Company Guaranteed Notes (Callable 02/01/12 @ $103.50) | | (BB- , B1) | | 02/01/17 | | | 7.000 | | | | 703,250 | | |
| | | | | | | | | | | 5,535,192 | | |
Computer Hardware (0.2%) | | | |
| 500 | | | Activant Solutions, Inc., Senior Unsubordinated Notes (Callable 05/01/11 @ $104.75) | | (CCC+ , Caa1) | | 05/01/16 | | | 9.500 | | | | 493,750 | | |
Consumer - Products (2.3%) | | | |
| 1,175 | | | AAC Group Holding Corp., Global Senior Discount Notes (Callable 10/01/08 @ $105.13) + | | (CCC+ , B3) | | 10/01/12 | | | 0.000 | | | | 1,063,375 | | |
| 1,000 | | | Amscan Holdings, Inc., Global Senior Subordinated Notes (Callable 05/01/09 @ $104.38) | | (CCC+ , Caa1) | | 05/01/14 | | | 8.750 | | | | 992,500 | | |
| 825 | | | Del Laboratories, Inc., Global Company Guaranteed Notes (Callable 02/01/08 @ $104.00) | | (CCC- , Caa2) | | 02/01/12 | | | 8.000 | | | | 796,125 | | |
| 550 | | | Jarden Corp., Company Guaranteed Notes (Callable 05/01/12 @ $103.75) | | (B- , B3) | | 05/01/17 | | | 7.500 | | | | 545,875 | | |
| 525 | | | Playtex Products, Inc., Global Company Guaranteed Notes (Callable 08/13/07 @ $103.13) | | (B- , Caa1) | | 06/01/11 | | | 9.375 | | | | 542,062 | | |
| 594 | | | Prestige Brands, Inc., Global Senior Subordinated Notes (Callable 04/15/08 @ $104.63) | | (B- , B3) | | 04/15/12 | | | 9.250 | | | | 611,820 | | |
| 500 | | | Revlon Consumer Products Corp., Global Senior Notes (Callable 04/01/08 @ $104.75) § | | (CCC- , Caa2) | | 04/01/11 | | | 9.500 | | | | 478,750 | | |
| | | | | | | | | | | 5,030,507 | | |
See Accompanying Notes to Financial Statements.
3
Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments (continued)
June 30, 2007 (unaudited)
Par (000) | |
| | Ratings† (S&P/Moody's) | | Maturity | | Rate% | | Value | |
U.S. CORPORATE BONDS | | | |
Diversified Capital Goods (1.6%) | | | |
$ | 575 | | | Esco Corp., Rule 144A, Senior Notes (Callable 12/15/08 @ $102.00) ‡# | | (B , B2) | | 12/15/13 | | | 9.235 | | | $ | 589,375 | | |
| 400 | | | RBS Global, Inc., & Rexnord Corp., Global Company Guaranteed Notes (Callable 08/01/10 @ $104.75) | | (CCC+ , B3) | | 08/01/14 | | | 9.500 | | | | 412,000 | | |
| 500 | | | RBS Global, Inc., & Rexnord Corp., Global Company Guaranteed Notes (Callable 08/01/11 @ $105.88) § | | (CCC+ , Caa1) | | 08/01/16 | | | 11.750 | | | | 540,000 | | |
| 575 | | | Sensus Metering Systems, Inc., Global Senior Subordinated Notes (Callable 12/15/08 @ $104.31) | | (B- , B3) | | 12/15/13 | | | 8.625 | | | | 586,500 | | |
| 625 | | | Titan International, Inc., Global Company Guaranteed Notes | | (B , B3) | | 01/15/12 | | | 8.000 | | | | 645,312 | | |
| 694 | | | TriMas Corp., Global Company Guaranteed Notes (Callable 08/13/07 @ $104.94) | | (B1 , B3) | | 06/15/12 | | | 9.875 | | | | 716,555 | | |
| | | | | | | | | | | 3,489,742 | | |
Electric - Generation (2.4%) | | | |
| 450 | | | AES Corp., Senior Notes | | (B , B1) | | 03/01/14 | | | 7.750 | | | | 453,375 | | |
| 800 | | | Calpine Generating Co., Global Secured Notes (Callable 04/01/08 @ $103.50) Ø | | (D , NR) | | 04/01/10 | | | 7.756 | | | | 224,000 | | |
| 1,200 | | | Dynegy Holdings, Inc., Global Senior Unsecured Notes | | (B- , B2) | | 05/01/16 | | | 8.375 | | | | 1,179,000 | | |
| 375 | | | Dynegy Holdings, Inc., Rule 144A, Senior Notes ‡ | | (B- , B2) | | 06/01/15 | | | 7.500 | | | | 354,844 | | |
| 725 | | | Dynegy Holdings, Inc., Rule 144A, Senior Unsecured Notes ‡ | | (B- , B2) | | 06/01/19 | | | 7.750 | | | | 677,875 | | |
| 350 | | | Edison Mission Energy, Rule 144A, Senior Notes ‡ | | (BB- , B1) | | 05/15/17 | | | 7.000 | | | | 331,625 | | |
| 200 | | | Edison Mission Energy, Rule 144A, Senior Notes ‡ | | (BB- , B1) | | 05/15/19 | | | 7.200 | | | | 189,000 | | |
| 271 | | | Midwest Generation LLC, Series B, Global Pass Thru Certificates | | (BB+ , Ba2) | | 01/02/16 | | | 8.560 | | | | 289,454 | | |
| 25 | | | NRG Energy, Inc., Company Guaranteed Notes (Callable 01/15/12 @ $103.69) | | (B , B1) | | 01/15/17 | | | 7.375 | | | | 25,156 | | |
| 425 | | | NRG Energy, Inc., Senior Notes (Callable 2/01/11 @ $103.69) | | (B , B1) | | 02/01/16 | | | 7.375 | | | | 427,125 | | |
| 575 | | | Reliant Energy, Inc., Senior Notes | | (B- , B3) | | 06/15/14 | | | 7.625 | | | | 563,500 | | |
| 575 | | | Reliant Energy, Inc., Senior Notes | | (B- , B3) | | 06/15/17 | | | 7.875 | | | | 562,062 | | |
| | | | | | | | | | | 5,277,016 | | |
Electric - Integrated (0.2%) | | | |
| 500 | | | Mirant Americas Generation LLC, Senior Notes Ø | | (NR , NR) | | 05/01/06 | | | 7.625 | | | | 0 | | |
| 300 | | | Mirant Corp., Rule 144A, Senior Notes ‡Ø | | (B , NR) | | 07/15/04 | | | 7.400 | | | | 23,901 | | |
| 300 | | | Sierra Pacific Resources, Global Senior Unsecured Notes (Callable 03/15/09 @ $104.31) | | (B , B1) | | 03/15/14 | | | 8.625 | | | | 323,494 | | |
| | | | | | | | | | | 347,395 | | |
Electronics (2.2%) | | | |
| 1,000 | | | Amkor Technology, Inc., Global Senior Notes (Callable 05/15/08 @ $103.88) | | (B , B1) | | 05/15/13 | | | 7.750 | | | | 966,250 | | |
| 190 | | | Ampex Corp., Secured Notes (Callable 08/13/07 @ $100.00) ^ | | (NR , NR) | | 08/15/08 | | | 12.000 | | | | 189,942 | | |
| 200 | | | Freescale Semiconductor, Inc., Rule 144A, Senior Notes (Callable 12/15/10 @ $104.44) ‡ | | (B , B1) | | 12/15/14 | | | 8.875 | | | | 192,000 | | |
| 1,725 | | | Freescale Semiconductor, Inc., Rule 144A, Senior Subordinated Notes (Callable 12/15/11 @ $105.06) ‡ | | (B , B2) | | 12/15/16 | | | 10.125 | | | | 1,630,125 | | |
| 258 | | | GrafTech Finance, Inc., Global Company Guaranteed Notes (Callable 08/13/07 @ $105.13) | | (B , B2) | | 02/15/12 | | | 10.250 | | | | 271,545 | | |
| 775 | | | Spansion, Inc., Rule 144A, Senior Notes (Callable 01/15/11 @ $105.63) ‡ | | (B , Caa1) | | 01/15/16 | | | 11.250 | | | | 802,125 | | |
| 750 | | | Viasystems, Inc., Global Senior Subordinated Notes (Callable 01/15/08 @ $105.25) | | (B- , Caa1) | | 01/15/11 | | | 10.500 | | | | 768,750 | | |
| | | | | | | | | | | 4,820,737 | | |
Energy - Exploration & Production (2.4%) | | | |
| 775 | | | Chaparral Energy, Inc., Rule 144A, Senior Notes (Callable 02/01/12 @ $104.44) ‡ | | (CCC+ , Caa1) | | 02/01/17 | | | 8.875 | | | | 769,187 | | |
| 1,611 | | | Chesapeake Energy Corp., Senior Notes (Callable 01/15/09 @ $103.44) | | (BB , Ba2) | | 01/15/16 | | | 6.875 | | | | 1,582,807 | | |
| 650 | | | Encore Acquisition Co., Company Guaranteed Notes (Callable 12/01/10 @ $103.63) | | (B , B1) | | 12/01/17 | | | 7.250 | | | | 601,250 | | |
| 100 | | | Forest Oil Corp., Global Company Guaranteed Notes (Callable 08/13/07 @ $103.88) | | (B+ , B1) | | 05/01/14 | | | 7.750 | | | | 101,500 | | |
| 225 | | | Forest Oil Corp., Rule 144A, Senior Notes (Callable 06/15/12 @ $103.63) ‡ | | (B+ , B1) | | 06/15/19 | | | 7.250 | | | | 219,375 | | |
| 600 | | | Hilcorp Energy I LP/Hilcorp Finance Co., Rule 144A, Senior Notes (Callable 06/01/11 @ $104.50) ‡ | | (B , B3) | | 06/01/16 | | | 9.000 | | | | 624,000 | | |
| 800 | | | PetroHawk Energy Corp., Global Company Guaranteed Notes (Callable 07/15/10 @ $104.56) | | (B- , B3) | | 07/15/13 | | | 9.125 | | | | 850,000 | | |
| 200 | | | Plains Exploration & Production Co., Company Guaranteed (Callable 06/15/11 @ $103.88) | | (BB- , B1) | | 06/15/15 | | | 7.750 | | | | 199,500 | | |
| 375 | | | Whiting Petroleum Corp., Global Senior Subordinated Notes (Callable 05/01/08 @ $103.63) | | (B , B1) | | 05/01/12 | | | 7.250 | | | | 358,125 | | |
| | | | | | | | | | | 5,305,744 | | |
Environmental (1.2%) | | | |
| 1,525 | | | Allied Waste North America, Inc., Series B, Global Senior Notes (Callable 04/15/09 @ $103.69) § | | (B+ , B2) | | 04/15/14 | | | 7.375 | | | | 1,513,562 | | |
| 1,100 | | | Waste Services, Inc., Global Senior Subordinated Notes (Callable 04/15/09 @ $104.75) | | (CCC+ , Caa1) | | 04/15/14 | | | 9.500 | | | | 1,161,875 | | |
| | | | | | | | | | | 2,675,437 | | |
See Accompanying Notes to Financial Statements.
4
Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments (continued)
June 30, 2007 (unaudited)
Par (000) | |
| | Ratings† (S&P/Moody's) | | Maturity | | Rate% | | Value | |
U.S. CORPORATE BONDS | | | |
Food & Drug Retailers (1.1%) | | | |
$ | 1,200 | | | Duane Reade, Inc., Global Senior Subordinated Notes (Callable 08/01/08 @ $104.88) § | | (CC , Caa3) | | 08/01/11 | | | 9.750 | | | $ | 1,179,000 | | |
| 150 | | | Ingles Markets, Inc., Global Company Guaranteed Notes (Callable 08/13/07 @ $104.44) | | (B , B3) | | 12/01/11 | | | 8.875 | | | | 156,187 | | |
| 250 | | | Rite Aid Corp., Rule 144A, Company Guaranteed (Callable 06/15/11 @ $104.69) ‡ | | (CCC+ , Caa1) | | 12/15/15 | | | 9.375 | | | | 241,250 | | |
| 750 | | | Stater Brothers Holdings, Inc., Global Senior Notes (Callable 06/15/08 @ $104.06) | | (B+ , B2) | | 06/15/12 | | | 8.125 | | | | 759,375 | | |
| 50 | | | Stater Brothers Holdings, Inc., Rule 144A, Senior Notes (Callable 04/15/11 @ $103.88) ‡ | | (B+ , B2) | | 04/15/15 | | | 7.750 | | | | 50,375 | | |
| | | | | | | | | | | 2,386,187 | | |
Food - Wholesale (1.1%) | | | |
| 525 | | | Dole Foods Co., Inc., Debentures Notes § | | (B- , Caa1) | | 07/15/13 | | | 8.750 | | | | 514,500 | | |
| 550 | | | National Beef Packing Company LLC, Global Senior Notes (Callable 08/01/07 @ $105.25) | | (B- , Caa1) | | 08/01/11 | | | 10.500 | | | | 574,750 | | |
| 675 | | | Smithfield Foods, Inc., Senior Unsecured Notes | | (BB , Ba3) | | 07/01/17 | | | 7.750 | | | | 678,375 | | |
| 250 | | | Swift & Co., Global Company Guaranteed Notes (Callable 08/13/07 @ $105.06) | | (B- , Caa1) | | 10/01/09 | | | 10.125 | | | | 259,282 | | |
| 300 | | | Swift & Co., Global Senior Subordinated Notes (Callable 08/13/07 @ $106.25) § | | (CCC+ , Caa1) | | 01/01/10 | | | 12.500 | | | | 317,562 | | |
| | | | | | | | | | | 2,344,469 | | |
Forestry & Paper (3.4%) | | | |
| 525 | | | Boise Cascade LLC, Global Company Guaranteed Notes (Callable 10/15/09 @ $103.56) | | (B+ , B2) | | 10/15/14 | | | 7.125 | | | | 501,375 | | |
| 1,150 | | | Cellu Tissue Holdings, Inc., Global Secured Notes (Callable 08/13/07 @ $107.31) | | (B , B2) | | 03/15/10 | | | 9.750 | | | | 1,147,125 | | |
| 600 | | | Georgia-Pacific Corp., Debentures Notes | | (B , B2) | | 06/15/15 | | | 7.700 | | | | 597,000 | | |
| 200 | | | Georgia-Pacific Corp., Rule 144A, Company Guaranteed Notes (Callable 01/15/12 @ $103.56) ‡ | | (B , Ba3) | | 01/15/17 | | | 7.125 | | | | 193,000 | | |
| 775 | | | Graphic Packaging International Corp., Global Senior Subordinated Notes (Callable 8/15/08 @ $104.75) | | (B- , B3) | | 08/15/13 | | | 9.500 | | | | 808,906 | | |
| 375 | | | Newark Group, Inc., Global Senior Subordinated Notes (Callable 03/15/09 @ $104.88) | | (B- , B3) | | 03/15/14 | | | 9.750 | | | | 383,437 | | |
| 525 | | | NewPage Corp., Global Secured Notes (Callable 05/01/09 @ $106.00) | | (B , B2) | | 05/01/12 | | | 10.000 | | | | 569,625 | | |
| 600 | | | NewPage Corp., Global Senior Subordinated Notes (Callable 05/01/09 @ $106.00) § | | (CCC+ , B3) | | 05/01/13 | | | 12.000 | | | | 658,500 | | |
| 1,600 | | | Smurfit-Stone Container Enterprises, Inc., Global Senior Notes (Callable 08/13/07 @ $104.19) | | (CCC+ , B3) | | 07/01/12 | | | 8.375 | | | | 1,610,000 | | |
| 675 | | | Verso Paper Holdings LLC, Inc., Rule 144A, Senior Subordinated Notes (Callable 08/01/11 @ $105.69) ‡ | | (CCC+ , B3) | | 08/01/16 | | | 11.375 | | | | 723,937 | | |
| 125 | | | Verso Paper Holdings LLC, Rule 144A, Secured Notes (Callable 08/01/10 @ $104.56) ‡ | | (B+ , B2) | | 08/01/14 | | | 9.125 | | | | 129,687 | | |
| | | | | | | | | | | 7,322,592 | | |
Gaming (4.6%) | | | |
| 725 | | | Buffalo Thunder Development Authority, Rule 144A, Secured Notes (Callable 12/15/10 @ $104.69) ‡ | | (B , B2) | | 12/15/14 | | | 9.375 | | | | 728,625 | | |
| 1,000 | | | CCM Merger, Inc., Rule 144A, Notes (Callable 08/01/09 @ $104.00) ‡ | | (CCC+ , B3) | | 08/01/13 | | | 8.000 | | | | 1,000,000 | | |
| 150 | | | Choctaw Resort Development Enterprise, Rule 144A, Senior Notes (Callable 11/15/11 @ $103.63) ‡ | | (BB , Ba2) | | 11/15/19 | | | 7.250 | | | | 148,500 | | |
| 375 | | | Fontainebleau Las Vegas Holdings LLC/Fontainebleau Las Vegas Capital Corp., Rule 144A, Mortgage Notes (Callable 06/15/11 @ $105.13) ‡ | | (CCC+ , Caa1) | | 06/15/15 | | | 10.250 | | | | 371,250 | | |
| 525 | | | Herbst Gaming, Inc., Global Senior Subordinated Notes (Callable 06/01/08 @ $104.06) | | (B- , B3) | | 06/01/12 | | | 8.125 | | | | 532,875 | | |
| 475 | | | Inn of the Mountain Gods, Global Senior Notes (Callable 11/15/07 @ $106.00) | | (B- , B3) | | 11/15/10 | | | 12.000 | | | | 511,812 | | |
| 1,100 | | | Jacobs Entertainment, Inc., Global Company Guaranteed Notes (Callable 06/15/10 @ $104.88) | | (B- , B3) | | 06/15/14 | | | 9.750 | | | | 1,148,125 | | |
| 425 | | | Majestic Star Casino LLC, Company Guaranteed Notes (Callable 10/15/07 @ $104.75) | | (B+ , B1) | | 10/15/10 | | | 9.500 | | | | 444,125 | | |
| 550 | | | Majestic Star Casino LLC, Global Senior Unsecured Notes (Callable 10/15/08 @ $104.88) | | (CCC+ , Caa1) | | 01/15/11 | | | 9.750 | | | | 534,875 | | |
| 725 | | | MGM Mirage, Inc., Company Guaranteed Notes | | (BB , Ba2) | | 06/01/16 | | | 7.500 | | | | 691,469 | | |
| 700 | | | MGM Mirage, Inc., Company Guaranteed Notes | | (BB , Ba2) | | 01/15/17 | | | 7.625 | | | | 669,375 | | |
| 125 | | | MGM Mirage, Inc., Global Company Guaranteed Notes | | (BB , Ba2) | | 04/01/13 | | | 6.750 | | | | 119,375 | | |
| 625 | | | Trump Entertainment Resorts, Inc., Secured Notes (Callable 06/01/10 @ $104.25) | | (B- , Caa1) | | 06/01/15 | | | 8.500 | | | | 623,437 | | |
| 500 | | | Turning Stone Resort Casino Enterprise, Rule 144A, Senior Notes (Callable 09/15/10 @ $104.56) ‡ | | (B+ , B1) | | 09/15/14 | | | 9.125 | | | | 511,250 | | |
| 175 | | | Waterford Gaming LLC, Rule 144A, Senior Notes (Callable 09/15/08 @ $103.55) ‡ | | (BB- , B1) | | 09/15/12 | | | 8.625 | | | | 183,312 | | |
| 1,325 | | | Wimar Opco LLC, Rule 144A, Senior Subordinated Notes (Callable 12/15/10 @ $104.81) ‡ | | (CCC+ , B3) | | 12/15/14 | | | 9.625 | | | | 1,281,937 | | |
| 500 | | | Wynn Las Vegas LLC, Global First Mortgage Notes (Callable 12/01/09 @ $103.31) | | (BB+ , B1) | | 12/01/14 | | | 6.625 | | | | 484,375 | | |
| | | | | | | | | | | 9,984,717 | | |
Gas Distribution (1.4%) | | | |
| 1,150 | | | El Paso Performance-Link, Rule 144A, Notes ‡ | | (NR , Ba3) | | 07/15/11 | | | 7.750 | | | | 1,190,250 | | |
| 525 | | | Inergy LP/Inergy Finance Corp., Global Company Guaranteed Notes (Callable 03/01/11 @ $104.13) | | (B , B1) | | 03/01/16 | | | 8.250 | | | | 542,062 | | |
| 775 | | | Williams Companies, Inc., Notes | | (BB , Ba2) | | 03/15/12 | | | 8.125 | | | | 826,344 | | |
| 400 | | | Williams Partners LP/Williams Partners Finance Corp., Global Company Guaranteed Notes | | (BB+ , Ba3) | | 02/01/17 | | | 7.250 | | | | 404,000 | | |
| | | | | | | | | | | 2,962,656 | | |
See Accompanying Notes to Financial Statements.
5
Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments (continued)
June 30, 2007 (unaudited)
Par (000) | |
| | Ratings† (S&P/Moody's) | | Maturity | | Rate% | | Value | |
U.S. CORPORATE BONDS | | | |
Health Services (5.3%) | | | |
$ | 225 | | | Community Health Systems, Inc., Rule 144A, Senior Notes (Callable 07/15/11 @ $104.44) ‡ | | (B- , B3) | | 07/15/15 | | | 8.875 | | | $ | 229,219 | | |
| 700 | | | HCA, Inc., Global Senior Unsecured Notes | | (B- , Caa1) | | 01/15/15 | | | 6.375 | | | | 596,750 | | |
| 3,200 | | | HCA, Inc., Global Senior Unsecured Notes | | (B- , Caa1) | | 02/15/16 | | | 6.500 | | | | 2,724,000 | | |
| 1,225 | | | HCA, Inc., Rule 144A, Secured Notes (Callable 11/15/11 @ $104.63) ‡ | | (BB- , B2) | | 11/15/16 | | | 9.250 | | | | 1,307,687 | | |
| 400 | | | HCA, Inc., Senior Unsecured Notes | | (B- , Caa1) | | 02/15/13 | | | 6.250 | | | | 362,000 | | |
| 800 | | | Healthsouth Corp., Global Company Guaranteed Notes (Callable 06/15/11 @ $105.38) | | (CCC+ , Caa1) | | 06/15/16 | | | 10.750 | | | | 872,000 | | |
| 650 | | | Iasis Healthcare/Capital Corp., Global Senior Subordinated Notes (Callable 06/15/09 @ $104.38) | | (CCC+ , B3) | | 06/15/14 | | | 8.750 | | | | 653,250 | | |
| 100 | | | Service Corp International, Rule 144A, Senior Notes ‡ | | (BB- , B1) | | 04/01/15 | | | 6.750 | | | | 96,875 | | |
| 550 | | | Stewart Enterprises, Inc., Global Senior Notes (Callable 02/15/09 @ $103.13) | | (B+ , Ba3) | | 02/15/13 | | | 6.250 | | | | 532,125 | | |
| 1,500 | | | Tenet Healthcare Corp., Global Senior Notes | | (CCC+ , Caa1) | | 07/01/14 | | | 9.875 | | | | 1,492,500 | | |
| 500 | | | Tenet Healthcare Corp., Global Senior Notes | | (CCC+ , Caa1) | | 02/01/15 | | | 9.250 | | | | 477,500 | | |
| 650 | | | Triad Hospitals, Inc., Senior Subordinated Notes (Callable 11/15/08 @ $103.50) | | (B+ , B2) | | 11/15/13 | | | 7.000 | | | | 684,904 | | |
| 275 | | | Universal Hospital Services. Inc., Rule 144A, Secured Notes (Callable 06/01/09 @ $102.00) ‡# | | (B+ , B3) | | 06/01/15 | | | 8.759 | | | | 276,375 | | |
| 300 | | | Universal Hospital Services. Inc., Rule 144A, Secured Notes (Callable 06/01/11 @ $104.25) ‡ | | (B+ , B3) | | 06/01/15 | | | 8.500 | | | | 298,500 | | |
| 950 | | | Vanguard Health Holding Co., Global Senior Subordinated Notes (Callable 10/01/09 @ $104.50) | | (CCC+ , Caa1) | | 10/01/14 | | | 9.000 | | | | 945,250 | | |
| | | | | | | | | | | 11,548,935 | | |
Hotels (0.9%) | | | |
| 500 | | | Bluegreen Corp., Series B, Company Guaranteed Notes (Callable 08/13/07 @ $100.00) | | (B- , B3) | | 04/01/08 | | | 10.500 | | | | 502,500 | | |
| 425 | | | Felcor Lodging LP, Global Company Guaranteed Notes | | (B+ , Ba3) | | 06/01/11 | | | 8.500 | | | | 448,906 | | |
| 250 | | | Host Hotels & Resorts LP, Company Guaranteed Notes (Callable 11/01/10 @ $103.44) | | (BB , Ba1) | | 11/01/14 | | | 6.875 | | | | 248,437 | | |
| 825 | | | Host Marriott LP, Global Company Guaranteed Notes (Callable 06/01/11 @ $103.33) | | (BB , Ba1) | | 06/01/16 | | | 6.750 | | | | 812,625 | | |
| | | | | | | | | | | 2,012,468 | | |
Household & Leisure Products (1.0%) | | | |
| 650 | | | ALH Finance LLC, Senior Subordinated Notes (Callable 01/15/09 @ $104.25) | | (CCC+ , B3) | | 01/15/13 | | | 8.500 | | | | 648,375 | | |
| 400 | | | Ames True Temper, Inc., Global Company Guaranteed Notes (Callable 08/13/07 @ $103.00) | | (CCC+ , Caa1) | | 01/15/12 | | | 7.141 | | | | 405,000 | | |
| 600 | | | Ames True Temper, Inc., Global Senior Subordinated Notes (Callable 07/15/08 @ $105.00) | | (CCC- , Caa3) | | 07/15/12 | | | 10.000 | | | | 570,000 | | |
| 325 | | | Sealy Mattress Co., Global Senior Subordinated Notes (Callable 06/15/09 @ $104.13) | | (B , B2) | | 06/15/14 | | | 8.250 | | | | 334,750 | | |
| 225 | | | Simmons Bedding Co., Global Senior Subordinated Notes (Callable 01/15/09 @ $103.94) | | (CCC+ , B2) | | 01/15/14 | | | 7.875 | | | | 225,000 | | |
| | | | | | | | | | | 2,183,125 | | |
Leisure (0.8%) | | | |
| 350 | | | Bally Total Fitness Holding Corp., Global Senior Notes (Callable 08/13/07 @ $105.25) § | | (D , Ca) | | 07/15/11 | | | 10.500 | | | | 377,563 | | |
| 675 | | | Six Flags, Inc., Global Senior Notes (Callable 04/15/08 @ $104.88) § | | (CCC , Caa1) | | 04/15/13 | | | 9.750 | | | | 638,719 | | |
| 700 | | | Six Flags, Inc., Global Senior Notes (Callable 06/01/09 @ $104.81) § | | (CCC , Caa1) | | 06/01/14 | | | 9.625 | | | | 652,750 | | |
| | | | | | | | | | | 1,669,032 | | |
Machinery (0.5%) | | | |
| 525 | | | Baldor Electric Co., Company Guaranteed Notes (Callable 02/15/12 @ $104.31) | | (B , B3) | | 02/15/17 | | | 8.625 | | | | 557,813 | | |
| 450 | | | Case New Holland, Inc., Global Company Guaranteed Notes (Callable 08/01/07 @ $104.63) | | (BB+ , Ba3) | | 08/01/11 | | | 9.250 | | | | 473,940 | | |
| | | | | | | | | | | 1,031,753 | | |
Media - Broadcast (2.8%) | | | |
| 525 | | | Allbritton Communications Co., Global Senior Subordinated Notes (Callable 12/15/07 @ $103.88) | | (B- , B1) | | 12/15/12 | | | 7.750 | | | | 530,250 | | |
| 525 | | | Barrington Broadcasting Group LLC, Rule 144A, Senior Subordinated Notes (Callable 08/15/10 @ $105.25) ‡ | | (CCC+ , B3) | | 08/15/14 | | | 10.500 | | | | 549,938 | | |
| 575 | | | CMP Susquehanna Corp., Rule 144A, Senior Subordinated Notes (Callable 05/15/10 @ $104.94) ‡ | | (CCC , B3) | | 05/15/14 | | | 9.875 | | | | 577,875 | | |
| 300 | | | Fisher Communications, Inc., Global Senior Notes (Callable 09/15/09 @ $104.31) | | (B- , B2) | | 09/15/14 | | | 8.625 | | | | 321,000 | | |
| 850 | | | ION Media Networks, Inc., Rule 144A, Secured Notes (Callable 01/15/08 @ $102.00) ‡ | | (CCC- , Caa2) | | 01/15/13 | | | 10.777 | | | | 881,875 | | |
| 575 | | | Local TV Finance LLC, Rule 144A, Senior Unsecured Notes (Callable 06/15/11 @ $104.63) ‡ | | (CCC+ , Caa1) | | 06/15/15 | | | 9.250 | | | | 572,125 | | |
| 500 | | | Sirius Satellite Radio, Inc., Global Senior Unsecured Notes (Callable 09/01/09 @ $104.81) | | (CCC , Caa2) | | 08/01/13 | | | 9.625 | | | | 492,500 | | |
| 985 | | | Univision Communications, Inc., Rule 144A, Senior Notes (Callable 03/15/11 @ $104.88) ‡ | | (CCC+ , B3) | | 03/15/15 | | | 9.750 | | | | 977,613 | | |
| 400 | | | XM Satellite Radio, Inc., Global Company Guaranteed Notes (Callable 05/01/08 @ $102.00) | | (CCC , Caa1) | | 05/01/13 | | | 9.989 | | | | 388,000 | | |
| 925 | | | Young Broadcasting, Inc., Global Senior Subordinated Notes (Callable 01/15/09 @ $104.38) | | (CCC- , Caa1) | | 01/15/14 | | | 8.750 | | | | 878,750 | | |
| | | | | | | | | | | 6,169,926 | | |
See Accompanying Notes to Financial Statements.
6
Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments (continued)
June 30, 2007 (unaudited)
Par (000) | |
| | Ratings† (S&P/Moody's) | | Maturity | | Rate% | | Value | |
U.S. CORPORATE BONDS | | | |
Media - Cable (5.5%) | | | |
$ | 1,050 | | | Atlantic Broadband Finance LLC, Global Company Guaranteed Notes (Callable 01/15/09 @ $104.69) | | (CCC+ , Caa1) | | 01/15/14 | | | 9.375 | | | $ | 1,065,750 | | |
| 1,500 | | | CCH I Holdings LLC, Global Company Guaranteed Notes (Callable 09/30/07 @ $100.00) § | | (CCC , Caa3) | | 04/01/14 | | | 9.920 | | | | 1,395,000 | | |
| 1,662 | | | CCH I Holdings LLC, Global Secured Notes (Callable 10/01/10 @ $105.50) | | (CCC , Caa2) | | 10/01/15 | | | 11.000 | | | | 1,743,023 | | |
| 1,450 | | | CCO Holdings LLC, Global Senior Notes (Callable 11/15/08 @ $104.38) | | (CCC , Caa1) | | 11/15/13 | | | 8.750 | | | | 1,482,625 | | |
| 495 | | | Charter Communications Holdings LLC, Senior Discount Notes (Callable 08/13/07 @ $100.00) | | (CCC , Caa3) | | 04/01/11 | | | 9.920 | | | | 495,619 | | |
| 1,200 | | | CSC Holdings, Inc., Global Senior Notes | | (B+ , B2) | | 04/15/12 | | | 7.250 | | | | 1,146,000 | | |
| 655 | | | CSC Holdings, Inc., Senior Notes | | (B+ , B2) | | 04/01/11 | | | 7.625 | | | | 653,363 | | |
| 250 | | | DirecTV Holdings LLC, Global Senior Notes (Callable 03/15/08 @ $104.19) | | (BB- , Ba3) | | 03/15/13 | | | 8.375 | | | | 262,813 | | |
| 750 | | | Echostar DBS Corp., Global Company Guaranteed Notes | | (BB- , Ba3) | | 10/01/14 | | | 6.625 | | | | 718,125 | | |
| 300 | | | GCI, Inc., Global Senior Unsecured Notes (Callable 02/15/09 @ $103.63) | | (B , B1) | | 02/15/14 | | | 7.250 | | | | 285,000 | | |
| 250 | | | Insight Communications Co., Inc., Senior Discount Notes (Callable 08/13/07 @ $104.08) + | | (CCC+ , B3) | | 02/15/11 | | | 0.000 | | | | 261,875 | | |
| 259 | | | Insight Midwest/Insight Capital, Senior Notes (Callable 08/13/07 @ $101.63) | | (B , B3) | | 10/01/09 | | | 9.750 | | | | 261,590 | | |
| 1,150 | | | Mediacom Broadband LLC, Global Senior Notes (Callable 10/15/10 @ $104.25) | | (B , B3) | | 10/15/15 | | | 8.500 | | | | 1,161,500 | | |
| 525 | | | Mediacom LLC/Capital Corp., Senior Notes (Callable 08/13/07 @ $101.97) | | (B , B3) | | 02/15/11 | | | 7.875 | | | | 525,000 | | |
| 600 | | | TL Acquisitions, Inc., Rule 144A, Senior Notes (Callable 07/15/11 @ $105.25) ‡ | | (CCC , Caa1) | | 01/15/15 | | | 10.500 | | | | 592,344 | | |
| | | | | | | | | | | 12,049,627 | | |
Media - Services (0.2%) | | | |
| 475 | | | WMG Holdings Corp., Global Company Guaranteed Notes (Callable 12/15/09 @ $104.75) + | | (B , B2) | | 12/15/14 | | | 0.000 | | | | 363,375 | | |
Metals & Mining Excluding Steel (2.0%) | | | |
| 125 | | | Aleris International, Inc., Rule 144A, Senior Notes (Callable 12/15/10 @ $104.5) ‡ | | (B- , B3e) | | 12/15/14 | | | 9.000 | | | | 126,719 | | |
| 675 | | | Aleris International, Inc., Rule 144A, Senior Subordinated Notes (Callable 12/15/11 @ $105.00) ‡ | | (B- , Caa1) | | 12/15/16 | | | 10.000 | | | | 673,313 | | |
| 500 | | | Alpha Natural Resources, Global Company Guaranteed Notes (Callable 06/01/08 @ $105.00) | | (B- , B3) | | 06/01/12 | | | 10.000 | | | | 530,000 | | |
| 625 | | | Freeport-McMoRan Copper & Gold, Inc., Senior Unsecured Notes (Callable 04/01/11 @ $104.13) | | (BB , Ba3) | | 04/01/15 | | | 8.250 | | | | 660,938 | | |
| 625 | | | Freeport-McMoRan Copper & Gold, Inc., Senior Unsecured Notes (Callable 04/01/12 @ $104.19) | | (BB , Ba3) | | 04/01/17 | | | 8.375 | | | | 668,750 | | |
| 1,050 | | | Noranda Aluminium Acquisition Corp., Rule 144A, Senior Unsecured Notes (Callable 05/15/08 @ $102.00) ‡# | | (CCC+ , B3) | | 05/15/15 | | | 9.360 | | | | 1,018,500 | | |
| 675 | | | Southern Copper Corp., Global Senior Notes | | (BBB- , Baa2) | | 07/27/35 | | | 7.500 | | | | 726,325 | | |
| | | | | | | | | | | 4,404,545 | | |
Non-Food & Drug Retailers (4.1%) | | | |
| 250 | | | Affinity Group, Inc., Global Senior Subordinated Notes (Callable 02/15/08 @ $104.50) | | (CCC+ , B3) | | 02/15/12 | | | 9.000 | | | | 267,500 | | |
| 855 | | | Affinity Group, Inc., Global Senior Subordinated Notes (Callable 02/15/08 @ $105.44) | | (CCC+ , Caa1) | | 02/15/12 | | | 10.875 | | | | 915,337 | | |
| 525 | | | Asbury Automotive Group, Inc., Rule 144A, Senior Subordinated Notes (Callable 03/15/12 @ $103.81) ‡ | | (B , B3) | | 03/15/17 | | | 7.625 | | | | 519,750 | | |
| 825 | | | Brookstone Co., Inc., Global Secured Notes (Callable 10/15/09 @ $106.00) § | | (B , Caa1) | | 10/15/12 | | | 12.000 | | | | 849,750 | | |
| 825 | | | Claire's Stores, Inc., Rule 144A, Senior Notes (Callable 06/01/11 @ $104.81) ‡ | | (CCC+ , Caa1) | | 06/01/15 | | | 9.625 | | | | 767,250 | | |
| 650 | | | Finlay Fine Jewelry Corp., Global Senior Notes (Callable 06/01/08 @ $104.19) | | (B- , Caa1) | | 06/01/12 | | | 8.375 | | | | 578,500 | | |
| 703 | | | Flooring America, Inc., Series B, Company Guaranteed Notes ^Ø | | (NR , NR) | | 10/15/07 | | | 9.250 | | | | 0 | | |
| 525 | | | GSC Holdings Corp., Global Company Guaranteed Notes (Callable 10/01/09 @ $104.00) | | (BB- , Ba3) | | 10/01/12 | | | 8.000 | | | | 551,250 | | |
| 300 | | | Michaels Stores, Inc., Rule 144A, Senior Notes (Callable 11/01/10 @ $105.00) ‡ | | (CCC , B2) | | 11/01/14 | | | 10.000 | | | | 309,000 | | |
| 700 | | | Michaels Stores, Inc., Rule 144A, Senior Subordinated Notes (Callable 11/01/11 @ $105.69) ‡ | | (CCC , Caa1) | | 11/01/16 | | | 11.375 | | | | 735,000 | | |
| 500 | | | Nebraska Book Co, Inc., Global Company Guaranteed Notes (Callable 03/15/08 @ $104.31) | | (CCC , B3) | | 03/15/12 | | | 8.625 | | | | 498,750 | | |
| 1,000 | | | Neiman-Marcus Group, Inc., Global Company Guaranteed Notes (Callable 10/15/10 @ $105.19) | | (B- , B3) | | 10/15/15 | | | 10.375 | | | | 1,105,000 | | |
| 650 | | | PCA LLC, Global Senior Notes Ø | | (NR , NR) | | 08/01/09 | | | 11.875 | | | | 37,375 | | |
| 400 | | | SGS International, Inc., Global Company Guaranteed Notes (Callable 12/15/09 @ $106.00) | | (B- , B3) | | 12/15/13 | | | 12.000 | | | | 438,000 | | |
| 547 | | | Susser Holdings LLC, Global Company Guaranteed Notes (Callable 12/15/09 @ $105.31) | | (B+ , B2) | | 12/15/13 | | | 10.625 | | | | 596,230 | | |
| 50 | | | Yankee Acquisition Corp., Series B, Global Company Guaranteed Notes (Callable 02/15/11 @ $104.25) | | (CCC+ , B3) | | 02/15/15 | | | 8.500 | | | | 48,750 | | |
| 750 | | | Yankee Acquisition Corp., Series B, Global Company Guaranteed Notes (Callable 02/15/12 @ $104.88) § | | (CCC+ , Caa1) | | 02/15/17 | | | 9.750 | | | | 729,375 | | |
| | | | | | | | | | | 8,946,817 | | |
Office Equipment (0.1%) | | | |
| 200 | | | IKON Office Solutions, Inc., Global Senior Notes (Callable 09/15/10 @ $103.88) | | (BB , Ba3) | | 09/15/15 | | | 7.750 | | | | 204,543 | | |
Oil Refining & Marketing (0.1%) | | | |
| 200 | | | Giant Industries, Inc., Company Guaranteed Notes (Callable 05/15/09 @ $104.00) | | (B , B2) | | 05/15/14 | | | 8.000 | | | | 216,460 | | |
See Accompanying Notes to Financial Statements.
7
Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments (continued)
June 30, 2007 (unaudited)
Par (000) | |
| | Ratings† (S&P/Moody's) | | Maturity | | Rate% | | Value | |
U.S. CORPORATE BONDS | | | |
Packaging (2.9%) | | | |
$ | 850 | | | Berry Plastics Holding Corp., Global Company Guaranteed Notes (Callable 03/01/11 @ $105.13) | | (CCC+ , Caa2) | | 03/01/16 | | | 10.250 | | | $ | 854,250 | | |
| 840 | | | Berry Plastics Holding Corp., Global Secured Notes (Callable 09/15/10 @ $104.44) | | (B , B3) | | 09/15/14 | | | 8.875 | | | | 854,700 | | |
| 1,025 | | | Constar International, Inc., Senior Subordinated Notes (Callable 12/01/07 @ $105.50) § | | (CCC , Caa2) | | 12/01/12 | | | 11.000 | | | | 937,875 | | |
| 410 | | | Crown Americas LLC, Global Senior Notes (Callable 11/15/10 @ $103.88) | | (B , B1) | | 11/15/15 | | | 7.750 | | | | 414,100 | | |
| 25 | | | Graham Packaging Co, Inc., Global Company Guaranteed Notes (Callable 10/15/08 @ $104.25) | | (CCC+ , Caa1) | | 10/15/12 | | | 8.500 | | | | 25,281 | | |
| 775 | | | Graham Packaging Co, Inc., Global Company Guaranteed Notes (Callable 10/15/09 @ $104.94) § | | (CCC+ , Caa1) | | 10/15/14 | | | 9.875 | | | | 787,594 | | |
| 680 | | | Owens Brockway Glass Container, Inc., Global Company Guaranteed Notes (Callable 05/15/08 @ $104.13) | | (B , B3) | | 05/15/13 | | | 8.250 | | | | 707,200 | | |
| 725 | | | Pliant Corp., Global Secured Notes (Callable 08/13/07 @ $105.56) | | (CCC , Caa1) | | 09/01/09 | | | 11.125 | | | | 714,125 | | |
| 1,175 | | | Solo Cup Co., Global Senior Subordinated Notes (Callable 02/15/09 @ $104.25) | | (CCC- , Caa2) | | 02/15/14 | | | 8.500 | | | | 1,034,000 | | |
| | | | | | | | | | | 6,329,125 | | |
Printing & Publishing (3.7%) | | | |
| 775 | | | American Media Operations, Inc., Series B, Global Company Guaranteed Notes (Callable 08/13/07 @ $100.00) § | | (CCC- , Caa2) | | 05/01/09 | | | 10.250 | | | | 738,188 | | |
| 875 | | | CBD Media Holdings Finance, Inc., Global Senior Subordinated Notes (Callable 07/15/08 @ $104.63) | | (CCC+ , Caa1) | | 07/15/12 | | | 9.250 | | | | 910,000 | | |
| 200 | | | Deluxe Corp., Rule 144A, Senior Notes (Callable 06/01/11 @ $103.69) ‡ | | (BB- , Ba2) | | 06/01/15 | | | 7.375 | | | | 200,000 | | |
| 350 | | | Dex Media, Inc., Global Discount Notes (Callable 11/15/08 @ $104.50) + | | (B , B3) | | 11/15/13 | | | 0.000 | | | | 331,188 | | |
| 750 | | | Haights Cross Operating Co., Global Company Guaranteed Notes (Callable 08/15/08 @ $105.88) | | (CCC- , Caa2) | | 08/15/11 | | | 11.750 | | | | 797,813 | | |
| 525 | | | Idearc, Inc., Global Company Guaranteed Notes (Callable 11/15/11 @ 104.00) | | (B+ , B2) | | 11/15/16 | | | 8.000 | | | | 532,875 | | |
| 2,000 | | | Premier Graphics, Inc., Company Guaranteed Notes ^Ø | | (NR , NR) | | 12/01/05 | | | 11.500 | | | | 0 | | |
| 900 | | | R.H. Donnelley Corp., Series A-2 Global Senior Discount Notes (Callable 01/15/09 @ $103.44) | | (B , B3) | | 01/15/13 | | | 6.875 | | | | 857,250 | | |
| 150 | | | R.H. Donnelley Corp., Series A-3, Global Senior Notes (Callable 01/15/11 @ $104.44) | | (B , B3) | | 01/15/16 | | | 8.875 | | | | 156,750 | | |
| 1,600 | | | R.H. Donnelley Corp., Global Senior Unsecured Notes (Callable 01/15/09 @ $103.44) | | (B , B3) | | 01/15/13 | | | 6.875 | | | | 1,524,000 | | |
| 850 | | | Reader's Digest Association, Inc., Rule 144A, Senior Subordinated Notes (Callable 02/15/12 @ $104.50) ‡ | | (CCC+ , Caa1) | | 02/15/17 | | | 9.000 | | | | 799,000 | | |
| 775 | | | Valassis Communications, Inc., Rule 144A, Senior Notes (Callable 03/01/11 @ $104.13) ‡ | | (B- , B3) | | 03/01/15 | | | 8.250 | | | | 759,500 | | |
| 400 | | | Vertis, Inc., Global Company Guaranteed Notes (Callable 08/13/07 @ $102.72) § | | (CCC , Caa1) | | 06/15/09 | | | 10.875 | | | | 394,000 | | |
| | | | | | | | | | | 8,000,564 | | |
Restaurants (1.0%) | | | |
| 850 | | | Buffets, Inc., Global Company Guaranteed Notes (Callable 11/01/10 @ $106.25) | | (CCC , Caa1) | | 11/01/14 | | | 12.500 | | | | 818,125 | | |
| 475 | | | Denny's Corp., Global Company Guaranteed Notes (Callable 10/01/08 @ $105.00) | | (B- , B3) | | 10/01/12 | | | 10.000 | | | | 503,500 | | |
| 600 | | | Friendly Ice Cream Corp., Global Senior Notes (Callable 06/15/08 @ $104.19) § | | (CCC+ , Caa1) | | 06/15/12 | | | 8.375 | | | | 630,000 | | |
| 275 | | | OSI Restaurant Partners, Inc., Rule 144A, Senior Notes (Callable 06/15/11 @ $105.00) ‡ | | (CCC+ , Caa1) | | 06/15/15 | | | 10.000 | | | | 264,000 | | |
| | | | | | | | | | | 2,215,625 | | |
Software/Services (0.9%) | | | |
| 1,750 | | | SunGard Data Systems, Inc., Global Company Guaranteed Notes (Callable 08/15/10 @ $105.13) | | (B- , Caa1) | | 08/15/15 | | | 10.250 | | | | 1,859,375 | | |
Steel Producers/Products (1.2%) | | | |
| 83 | | | AK Steel Corp., Company Guaranteed Notes (Callable 08/13/07 @ $100.00) | | (B+ , B2) | | 02/15/09 | | | 7.875 | | | | 83,208 | | |
| 575 | | | AK Steel Corp., Global Company Guaranteed Notes (Callable 08/13/07 @ $103.88) | | (B+ , B2) | | 06/15/12 | | | 7.750 | | | | 577,875 | | |
| 725 | | | PNA Group, Inc., Rule 144A, Senior Notes (Callable 09/01/11 @ $105.38) ‡ | | (B- , B3) | | 09/01/16 | | | 10.750 | | | | 793,875 | | |
| 250 | | | PNA Holding Corp., Rule 144A, Senior Notes (Callable 02/15/08 @ $102.00) ‡ | | (B- , Caa1) | | 02/15/13 | | | 12.360 | | | | 253,750 | | |
| 800 | | | RathGibson, Inc., Global Company Guaranteed Notes (Callable 02/15/10 @ $105.63) | | (B- , B3) | | 02/15/14 | | | 11.250 | | | | 844,000 | | |
| 0 | | | WCI Steel Acquisition, Inc., Senior Notes 1 | | (NR , NR) | | 05/01/16 | | | 8.000 | | | | 336 | | |
| 250 | | | WCI Steel, Escrow Ø | | (NR , NR) | | 12/01/04 | | | 10.000 | | | | 9,678 | | |
| | | | | | | | | | | 2,562,722 | | |
Support - Services (5.4%) | | | |
| 400 | | | Allied Security Escrow Corp., Global Senior Subordinated Notes (Callable 07/15/08 @ $105.69) | | (CCC+ , Caa1) | | 07/15/11 | | | 11.375 | | | | 404,000 | | |
| 200 | | | Aramark Corp., Rule 144A, Senior Notes (Callable 02/01/09 @ $102.00) ‡ | | (B- , B3e) | | 02/01/15 | | | 8.860 | | | | 204,000 | | |
| 300 | | | Aramark Corp., Rule 144A, Senior Notes (Callable 02/01/11 @ $104.25) ‡ | | (B- , B) | | 02/01/15 | | | 8.500 | | | | 306,750 | | |
| 200 | | | Ashtead Capital, Inc., Rule 144A, Notes (Callable 08/15/11 @ $104.50) ‡ | | (B , B3) | | 08/15/16 | | | 9.000 | | | | 210,500 | | |
| 100 | | | Education Management LLC, Senior Notes (Callable 06/01/10 @ $104.38) | | (CCC+ , B2) | | 06/01/14 | | | 8.750 | | | | 103,000 | | |
| 675 | | | Education Management LLC, Senior Subordinated Notes (Callable 06/01/11 @ $105.13) | | (CCC+ , Caa1) | | 06/01/16 | | | 10.250 | | | | 713,813 | | |
| 300 | | | Hertz Corp., Senior Notes (Callable 01/01/10 @ $104.44) | | (B , B1) | | 01/01/14 | | | 8.875 | | | | 314,250 | | |
| 400 | | | Hertz Corp., Senior Subordinated Notes (Callable 01/01/11 @ $105.25) | | (B , B2) | | 01/01/16 | | | 10.500 | | | | 444,000 | | |
See Accompanying Notes to Financial Statements.
8
Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments (continued)
June 30, 2007 (unaudited)
Par (000) | |
| | Ratings† (S&P/Moody's) | | Maturity | | Rate% | | Value | |
U.S. CORPORATE BONDS | | | |
Support - Services | | | |
$ | 740 | | | HydroChem Industrial Services, Rule 144A, Senior Subordinated Notes (Callable 02/15/09 @ $104.63) ‡ | | (CCC+ , Caa1) | | 02/15/13 | | | 9.250 | | | $ | 765,900 | | |
| 250 | | | Iron Mountain, Inc., Company Guaranteed Notes (Callable 07/01/08 @ $103.31) | | (B , B3) | | 01/01/16 | | | 6.625 | | | | 230,625 | | |
| 350 | | | Iron Mountain, Inc., Company Guaranteed Notes (Callable 08/13/07 @ $102.88) | | (B , B3) | | 04/01/13 | | | 8.625 | | | | 352,625 | | |
| 1,100 | | | Johnsondiversey Holdings, Inc., Global Discount Notes (Callable 08/13/07 @ $105.34) + | | (CCC+ , Caa1) | | 05/15/13 | | | 0.000 | | | | 1,144,000 | | |
| 475 | | | KAR Holdings, Inc., Rule 144A, Senior Notes (Callable 05/01/10 @ $104.38) ‡ | | (CCC , B3) | | 05/01/14 | | | 8.750 | | | | 467,875 | | |
| 425 | | | KAR Holdings, Inc., Rule 144A, Senior Subordinated Notes (Callable 04/01/11 @ $105.00) ‡ | | (CCC , Caa1) | | 05/01/15 | | | 10.000 | | | | 416,500 | | |
| 650 | | | Mobile Services Group, Inc., Rule 144A, Senior Notes (Callable 08/01/10 @ $104.88) ‡ | | (B- , B3) | | 08/01/14 | | | 9.750 | | | | 695,500 | | |
| 800 | | | Neff Corp., Rule 144A, Senior Notes (Callable 06/01/11 @ $105.00) ‡ | | (B- , Caa2) | | 06/01/15 | | | 10.000 | | | | 802,000 | | |
| 725 | | | Rental Service Corp., Rule 144A, Bonds (Callable 12/01/10 @ $104.75) ‡ | | (B- , Caa1) | | 12/01/14 | | | 9.500 | | | | 743,125 | | |
| 1,175 | | | Travelport LLC, Global Company Guaranteed Notes (Callable 09/01/11 @ $105.94) | | (CCC+ , Caa1) | | 09/01/16 | | | 11.875 | | | | 1,302,781 | | |
| 1,050 | | | United Rentals North America, Inc., Global Senior Subordinated Notes (Callable 02/15/09 @ $103.50) § | | (B , B3) | | 02/15/14 | | | 7.000 | | | | 1,029,000 | | |
| 575 | | | Varietal Distribution Merger Sub, Inc., Rule 144A, Senior Notes (Callable 07/15/11 @ $105.13) ‡ | | (CCC+ , Caa1) | | 07/15/15 | | | 10.250 | | | | 576,438 | | |
| 525 | | | Williams Scotsman, Inc., Global Company Guaranteed Notes (Callable 10/01/10 @ $104.25) | | (B+ , B3) | | 10/01/15 | | | 8.500 | | | | 544,688 | | |
| | | | | | | | | | | 11,771,370 | | |
Telecom - Fixed Line (1.2%) | | | |
| 375 | | | Level 3 Financing, Inc., Global Company Guaranteed Notes (Callable 11/01/10 @ $104.63) | | (CCC+ , B3) | | 11/01/14 | | | 9.250 | | | | 380,625 | | |
| 1,375 | | | Level 3 Financing, Inc., Rule 144A, Senior Notes (Callable 02/15/09 @ $102.00) ‡# | | (CCC+ , B3) | | 02/15/15 | | | 9.150 | | | | 1,381,875 | | |
| 275 | | | PAETEC Holding Corp., Rule 144A, Senior Notes (Callable 07/15/11 @ $104.75) ‡ | | (CCC+ , Caa1) | | 07/15/15 | | | 9.500 | | | | 275,000 | | |
| 500 | | | Time Warner Telecom Holdings, Inc., Global Company Guaranteed Notes (Callable 02/15/09 @ $104.63) | | (CCC+ , B3) | | 02/15/14 | | | 9.250 | | | | 532,500 | | |
| | | | | | | | | | | 2,570,000 | | |
Telecom - Integrated/Services (2.0%) | | | |
| 650 | | | Cincinnati Bell, Inc., Global Company Guaranteed Notes (Callable 01/15/09 @ $104.19) | | (B- , B2) | | 01/15/14 | | | 8.375 | | | | 659,750 | | |
| 425 | | | Hawaiian Telcom Communications, Inc., Global Company Guaranteed Notes (Callable 05/01/10 @ $106.25) § | | (CCC , Caa1) | | 05/01/15 | | | 12.500 | | | | 484,500 | | |
| 525 | | | Hughes Network Systems LLC, Global Company Guaranteed Notes (Callable 04/15/10 @ $104.75) | | (B- , B1) | | 04/15/14 | | | 9.500 | | | | 551,250 | | |
| 1,025 | | | Qwest Communications International, Inc., Global Company Guaranteed Notes (Callable 02/15/08 @ $103.63) | | (B+ , Ba3) | | 02/15/11 | | | 7.250 | | | | 1,037,813 | | |
| 475 | | | Qwest Communications International, Inc., Global Company Guaranteed Notes (Callable 02/15/09 @ $103.75) | | (B , Ba3) | | 02/15/14 | | | 7.500 | | | | 483,313 | | |
| 120 | | | Qwest Corp., Global Senior Notes | | (BBB- , Ba1) | | 06/15/15 | | | 7.625 | | | | 124,500 | | |
| 75 | | | Qwest Corp., Global Senior Unsecured Notes | | (BBB- , Ba1) | | 10/01/14 | | | 7.500 | | | | 77,250 | | |
| 225 | | | Windstream Corp., Global Company Guaranteed Notes | | (BB- , Ba3) | | 08/01/13 | | | 8.125 | | | | 236,250 | | |
| 75 | | | Windstream Corp., Global Company Guaranteed Notes (Callable 03/15/12 @ $103.50) | | (NR , Ba3) | | 03/15/19 | | | 7.000 | | | | 72,000 | | |
| 600 | | | Windstream Corp., Global Company Guaranteed Notes (Callable 8/01/11 @ $104.31) | | (BB- , Ba3) | | 08/01/16 | | | 8.625 | | | | 637,500 | | |
| | | | | | | | | | | 4,364,126 | | |
Telecom - Wireless (2.0%) | | | |
| 375 | | | Centennial Cellular Communications Corp., Global Company Guaranteed Notes (Callable 06/15/08 @ $105.06) | | (CCC , B2) | | 06/15/13 | | | 10.125 | | | | 404,063 | | |
| 925 | | | Cricket Communications, Inc., Global Company Guaranteed Notes (Callable 11/01/10 @ $104.69) | | (CCC , Caa1) | | 11/01/14 | | | 9.375 | | | | 959,688 | | |
| 975 | | | Dobson Communications Corp., Global Senior Notes (Callable 10/01/08 @ $104.44) § | | (CCC , Caa1) | | 10/01/13 | | | 8.875 | | | | 1,023,750 | | |
| 725 | | | MetroPCS Wireless, Inc., Rule 144A, Senior Notes (Callable 11/01/10 @ $104.63) ‡ | | (CCC , Caa1) | | 11/01/14 | | | 9.250 | | | | 752,188 | | |
| 525 | | | Rural Cellular Corp., Rule 144A, Senior Subordinated Notes (Callable 06/01/08 @ $102.00) ‡# | | (CCC , Caa2) | | 06/01/13 | | | 8.360 | | | | 525,000 | | |
| 625 | | | Suncom Wireless, Inc., Global Company Guaranteed Notes (Callable 06/01/08 @ $104.25) | | (CCC- , Caa2) | | 06/01/13 | | | 8.500 | | | | 642,188 | | |
| | | | | | | | | | | 4,306,877 | | |
Theaters & Entertainment (0.7%) | | | |
| 775 | | | AMC Entertainment, Inc., Global Senior Subordinated Notes (Callable 03/01/09 @ $104.00) | | (CCC+ , B2) | | 03/01/14 | | | 8.000 | | | | 763,375 | | |
| 750 | | | Cinemark, Inc., Global Senior Discount Notes (Callable 03/15/09 @ $104.88) + | | (CCC+ , B3) | | 03/15/14 | | | 0.000 | | | | 686,250 | | |
| | | | | | | | | | | 1,449,625 | | |
Transportation Excluding Air/Rail (0.3%) | | | |
| 500 | | | Bristow Group, Inc., Rule 144A, Senior Notes (Callable 09/15/12) @ $103.75) ‡ | | (BB , Ba2) | | 09/15/17 | | | 7.500 | | | | 503,750 | | |
| 195 | | | H-Line Finance Holding Corp., Global Senior Discount Notes (Callable 04/01/08 @ $105.50) + | | (B , Caa1) | | 04/01/13 | | | 0.000 | | | | 192,075 | | |
| | | | | | | | | | | 695,825 | | |
| | TOTAL U.S. CORPORATE BONDS (Cost $190,832,048) | | | | | | | | | | | 191,906,697 | | |
See Accompanying Notes to Financial Statements.
9
Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments (continued)
June 30, 2007 (unaudited)
Number of Shares | |
| | | | | | | | Value | |
COMMON STOCKS (1.0%) | | | |
Automobile Parts & Equipment (0.0%) | | | |
| 774,557 | | | Cambridge Industries Liquidating Trust ^* | | | | | | | | $ | 0 | | |
| 1,219 | | | Safelite Realty Corp. ^* | | | | | | | | | 9,752 | | |
| | | | | | | | | | | | | 9,752 | | |
Chemicals (0.1%) | | | |
| 4,893 | | | Huntsman Corp. | | | | | | | | | 118,949 | | |
Consumer - Products (0.0%) | | | |
| 20,689 | | | Indesco Liquid Dispensing Co. ^* | | | | | | | | | 0 | | |
Electric - Integrated (0.3%) | | | |
| 14,300 | | | Mirant Corp. * | | | | | | | | | 609,895 | | |
Food - Wholesale (0.4%) | | | |
| 590 | | | Crunch Equity Holdings LLC * | | | | | | | | | 944,648 | | |
Gaming (0.0%) | | | |
| 12,000 | | | Progressive Gaming International Corp. * | | | | | | | | | 70,440 | | |
Media - Cable (0.0%) | | | |
| 750,000 | | | Adelphia Recovery Trust ^* | | | | | | | | | 0 | | |
Packaging (0.0%) | | | |
| 4 | | | Pliant Corp. ^* | | | | | | | | | 0 | | |
Printing & Publishing (0.1%) | | | |
| 10,652 | | | Mail Well, Inc., Rule 144A ‡* | | | | | | | | | 247,020 | | |
Restaurants (0.0%) | | | |
| 5 | | | Roma Restaurant Holdings, Inc., ^* | | | | | | | | | 90 | | |
Steel Producers/Products (0.1%) | | | |
| 2,787 | | | WCI Steel Acquisition, Inc. * | | | | | | | | | 98,939 | | |
| | | | TOTAL COMMON STOCKS (Cost $2,514,142) | | | | | | | | | 2,099,733 | | |
PREFERRED STOCKS (0.0%) | | | |
Media - Cable (0.0%) | | | |
| 7,500 | | | Adelphia Communications Corp., 13% cumulative Series B (Callable 07/15/07 @ $102.17) ^* (Cost $0) | |
| |
| |
| | | 0
| | |
WARRANTS (0.0%) | | | |
Building Materials (0.0%) | | | |
| 1,250 | | | Dayton Superior Corp., strike price $0.01, Rule 144A, expires 06/15/09 ‡^* (Cost $25,000) | |
| |
| |
| | | 13
| | |
| | | | TOTAL U.S. SECURITIES (Cost $193,371,190) | | | | | | | | | 194,006,443 | | |
Par (000) | |
| | Ratings† (S&P/Moody's) | | Maturity | | Rate% | | | |
FOREIGN CORPORATE BONDS (8.8%) | | | |
Apparel/Textiles (0.1%) | | | |
$ | 150 | | | IT Holdings Finance SA, Rule 144A, Senior Notes (Luxembourg) ‡ | | (CCC+ , B3) | | 11/15/12 | | | 9.875 | | | | 220,308 | | |
See Accompanying Notes to Financial Statements.
10
Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments (continued)
June 30, 2007 (unaudited)
Par (000) | |
| | Ratings† (S&P/Moody's) | | Maturity | | Rate% | | Value | |
FOREIGN CORPORATE BONDS | | | |
Building Materials (0.2%) | | | |
$ | 750 | | | MAAX Corp., Global Senior Subordinated Notes (Callable 06/15/08 @ $104.88) (Canada) | | (CC , Caa3) | | 06/15/12 | | | 9.750 | | | $ | 495,000 | | |
Chemicals (0.7%) | | | |
| 775 | | | Basell AF SCA, Rule 144A, Company Guaranteed Notes (Callable 08/15/10 @ $104.19) (Luxembourg) ‡ | | (B- , B2) | | 08/15/15 | | | 8.375 | | | | 745,938 | | |
| 850 | | | Ineos Group Holdings PLC, Rule 144A, Senior Subordinated Notes (Callable 02/15/11 @ $104.25) (United Kingdom) ‡ | | (B- , B2) | | 02/15/16 | | | 8.500 | | | | 835,125 | | |
| | | | | | | | | | | 1,581,063 | | |
Electronics (1.1%) | | | |
| 300 | | | Avago Technologies Finance PTE, Global Company Guaranteed Notes (Callable 12/01/09 @ $105.06) (Singapore) | | (B , B2) | | 12/01/13 | | | 10.125 | | | | 321,000 | | |
| 400 | | | Avago Technologies Finance PTE, Global Company Guaranteed Notes (Callable 12/01/10 @ $105.94) (Singapore) § | | (CCC+ , Caa1) | | 12/01/15 | | | 11.875 | | | | 449,000 | | |
| 250 | | | Magnachip Semiconductor, Senior Subordinated Notes (Callable 12/15/09 @ $104.00) (Luxembourg) | | (CCC+ , Caa1) | | 12/15/14 | | | 8.000 | | | | 183,750 | | |
| 1,150 | | | NXP BV / NXP Funding LLC, Global Company Guaranteed Notes (Callable 10/15/11 @ $104.75) (Netherlands) | | (B+ , B2) | | 10/15/15 | | | 9.500 | | | | 1,138,500 | | |
| 225 | | | NXP BV / NXP Funding LLC, Global Secured Notes (Callable 10/15/10 @ $103.94) (Netherlands) | | (BB+ , Ba2) | | 10/15/14 | | | 7.875 | | | | 222,750 | | |
| | | | | | | | | | | 2,315,000 | | |
Energy - Exploration & Production (0.2%) | | | |
| 325 | | | OPTI Canada, Inc., Rule 144A, Company Guaranteed Notes (Callable 12/15/10 @ $104.13) (Canada) ‡ | | (BB+ , B1) | | 12/15/14 | | | 8.250 | | | | 331,500 | | |
Forestry & Paper (1.1%) | | | |
| 350 | | | Abitibi-Consolidated, Inc., Global Notes (Canada) | | (B , B3) | | 06/15/11 | | | 7.750 | | | | 322,000 | | |
| 700 | | | Abitibi-Consolidated, Inc., Yankee Senior Notes (Canada) | | (B , B3) | | 04/01/15 | | | 8.375 | | | | 616,000 | | |
| 550 | | | Bowater Canada Finance Corp., Global Company Guaranteed Notes (Canada) | | (B , B3) | | 11/15/11 | | | 7.950 | | | | 520,438 | | |
| 46 | | | Smurfit Kappa Funding PLC, Global Senior Notes (Callable 10/1/07 @ $104.81) (Ireland) | | (B , B2) | | 10/01/12 | | | 9.625 | | | | 48,415 | | |
| 750 | | | Smurfit Kappa Funding PLC, Global Senior Subordinated Notes (Callable 01/31/10 @ $103.88) (Ireland) | | (B , B2) | | 04/01/15 | | | 7.750 | | | | 754,688 | | |
| 235 | | | Tembec Industries, Inc., Global Company Guaranteed Notes (Canada) | | (CCC- , Ca) | | 03/15/12 | | | 7.750 | | | | 124,256 | | |
| | | | | | | | | | | 2,385,797 | | |
Health Services (0.2%) | | | |
| 400 | | | FMC Finance III SA, Rule 144A, Senior Notes (Luxembourg) | | (BB- , Ba3) | | 07/15/17 | | | 6.875 | | | | 394,000 | | |
Leisure (0.3%) | | | |
| 750 | | | NCL Corp., Global Senior Unsubordinated Notes (Callable 07/15/09 @ $105.31) (Bermuda) | | (B , B3) | | 07/15/14 | | | 10.625 | | | | 727,500 | | |
Media - Broadcast (0.0%) | | | |
| 4,600 | | | Australis Holdings Pty. Ltd., Yankee Senior Discount Notes (Australia) ^Ø | | (NR , NR) | | 11/01/02 | | | 15.000 | | | | 0 | | |
Media - Cable (0.8%) | | | |
| 393 | | | Telenet Group Holding NV, Rule 144A, Discount Notes (Callable 12/15/08 @ $105.75) (Belgium) ‡+ | | (CCC+ , B3) | | 06/15/14 | | | 0.000 | | | | 373,350 | | |
| 400 | | | Unity Media GMBH, Rule 144A, Senior Notes (Callable 02/15/10 @ $105.06) ‡ (Germany) | | (CCC+ , Caa2) | | 02/15/15 | | | 10.125 | | | | 575,334 | | |
| 350 | | | Virgin Media Finance PLC, Global Company Guaranteed Notes (Callable 04/15/09 @ $104.88) (United Kingdom) | | (B- , B2) | | 04/15/14 | | | 9.750 | | | | 726,800 | | |
| 150 | | | Virgin Media Finance PLC, Global Company Guaranteed Notes (Callable 08/15/11 @ $104.56) (United Kingdom) | | (B- , B2) | | 08/15/16 | | | 9.125 | | | | 157,875 | | |
| | | | | | | | | | | 1,833,359 | | |
Metals & Mining Excluding Steel (0.0%) | | | |
| 800 | | | International Utility Structures, Inc., Subordinated Notes (Callable 08/13/07 @ $100.00) (Canada) ^Ø | | (NR , NR) | | 02/01/08 | | | 10.750 | | | | 0 | | |
| 924 | | | International Utility Structures, Inc., Yankee Senior Subordinated Notes (Callable 08/13/07 @ $100.00) (Canada) ^Ø | | (NR , NR) | | 02/01/08 | | | 13.000 | | | | 0 | | |
| | | | | | | | | | | 0 | | |
Packaging (0.2%) | | | |
| 227 | | | Gerresheimer Holdings GMBH, Rule 144A, Company Guaranteed Notes (Callable 02/15/10 @ $103.94) (Germany) ‡ | | (B+ , B2) | | 03/01/15 | | | 7.875 | | | | 331,684 | | |
Pharmaceuticals (0.2%) | | | |
| 500 | | | Elan Finance PLC/Elan Finance Corp., Global Company Guaranteed Notes (Callable 12/01/10 @ $104.44) (Ireland) | | (B , B3) | | 12/01/13 | | | 8.875 | | | | 525,000 | | |
See Accompanying Notes to Financial Statements.
11
Credit Suisse Asset Management Income Fund, Inc.
Schedule of Investments (continued)
June 30, 2007 (unaudited)
Par (000) | |
| | Ratings† (S&P/Moody's) | | Maturity | | Rate% | | Value | |
FOREIGN CORPORATE BONDS | | | |
Printing & Publishing (0.3%) | | | |
$ | 525 | | | Quebecor World, Inc., Rule 144A, Senior Notes (Callable 01/15/11 @ $104.88) (Canada) ‡ | | (B+ , B2) | | 01/15/15 | | | 9.750 | | | $ | 534,188 | | |
Support - Services (0.5%) | | | |
| 675 | | | Ashtead Holdings PLC, Rule 144A, Secured Notes (Callable 08/01/10 @ $104.31) (United Kingdom) ‡ | | (B , B3) | | 08/01/15 | | | 8.625 | | | | 691,875 | | |
| 325 | | | Carlson Wagonlit BV, Rule 144A, Bonds (Callable 11/01/07 @ $104.00) (Netherlands) ‡ | | (B- , B2) | | 05/15/15 | | | 9.306 | | | | 459,229 | | |
| | | | | | | | | | | 1,151,104 | | |
Telecom - Integrated/Services (2.2%) | | | |
| 825 | | | Global Crossing UK Finance PLC, Global Company Guaranteed Notes (Callable 12/15/09 @ $105.38) (United Kingdom) | | (B- , B3) | | 12/15/14 | | | 10.750 | | | | 899,250 | | |
| 350 | | | Hellas II, Rule 144A, Secured Notes (Callable 01/15/08 @ $102.00) (Luxembourg) ‡# | | (CCC+ , NR) | | 01/15/15 | | | 11.110 | | | | 362,250 | | |
| 500 | | | Nordic Tel Co., Holdings, Rule 144A, Notes (Callable 08/13//07 @ $102.00) (Denmark) ‡# | | (B , B2) | | 05/01/16 | | | 9.513 | | | | 695,533 | | |
| 775 | | | Intelsat Bermuda Ltd., Global Company Guaranteed Notes (Callable 01/15/08 @ $102.00) (Bermuda) # | | (B , Caa1) | | 01/15/15 | | | 8.886 | | | | 795,344 | | |
| 1,400 | | | Intelsat Bermuda Ltd., Global Senior Unsecured Notes (Callable 06/15/11 @ $105.63) (Bermuda) | | (B- , Caa1) | | 06/15/16 | | | 11.250 | | | | 1,575,000 | | |
| 525 | | | Intelsat Ltd., Global Senior Unsecured Notes (Bermuda) | | (B- , Caa1) | | 11/01/13 | | | 6.500 | | | | 423,938 | | |
| | | | | | | | | | | 4,751,315 | | |
Telecommunications Equipment (0.1%) | | | |
| 275 | | | Nortel Networks Ltd., Rule 144A, Company Guaranteed Notes (Canada) ‡ | | (B- , B3) | | 07/15/11 | | | 9.731 | | | | 293,906 | | |
Transportation Excluding Air/Rail (0.6%) | | | |
| 1,100 | | | Ship Finance International Ltd., Global Senior Notes (Callable 12/15/08 @ $104.25) (Bermuda) | | (B+ , B1) | | 12/15/13 | | | 8.500 | | | | 1,138,500 | | |
| 250 | | | Stena AB, Global Senior Notes (Callable 12/01/09 @ $103.50) (Sweden) | | (BB- , Ba3) | | 12/01/16 | | | 7.000 | | | | 251,250 | | |
| | | | | | | | | | | 1,389,750 | | |
| | | | TOTAL FOREIGN CORPORATE BONDS (Cost $22,644,541) | | | | | | | | | | | 19,260,474 | | |
SHORT-TERM INVESTMENTS (11.0%) | | | |
| 1,013,000 | | | JP Morgan (Grand Cayman) overnight deposit (Cost $1,013,000) | |
| | 07/02/07
| | | 4.390
| | | | 1,013,000
| | |
Number of Shares | |
| |
| 23,010,634 | | | Securities Lending Investment Fund, a series of the Brown Brothers Investment Trust §§ | | | | | | | | | | | 23,010,634 | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $24,023,634) | | | 24,023,634 | | |
TOTAL INVESTMENTS AT VALUE (108.8%) (Cost $240,039,365) | | | 237,290,551 | | |
LIABILITIES IN EXCESS OF OTHER ASSETS (-8.8%) | | | (19,270,575 | ) | |
NET ASSETS (100.0%) | | $ | 218,019,976 | | |
INVESTMENT ABBREVIATION
NR = Not Rated
† Credit ratings given by the Standard & Poor's Division of The McGraw-Hill Companies, Inc. ("S&P") and Moody's Investors Service, Inc. ("Moody's") are unaudited.
‡ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2007 these securities amounted to a value of $47,922,899 or 22.0% of net assets.
^ Not readily marketable security; security is valued at fair value as determined in good faith by, or under the direction of, the Board of Directors.
+ Step Bond - The interest rate stated is the rate as of June 30, 2007 and will reset at a future date.
Ø Bond is currently in default.
# Variable rate obligation - The interest rate shown are those in effect at June 30, 2007.
* Non-income producing security.
§ Security or a portion therof is out on loan.
§§ Represents security purchased with cash collateral received for securities on loan.
1 Less than 1,000 par.
See Accompanying Notes to Financial Statements.
12
Credit Suisse Asset Management Income Fund, Inc.
Statement of Assets and Liabilities
June 30, 2007 (unaudited)
Assets | |
Investments at value, including collateral for securities on loan of $23,010,634 (Cost $240,039,365) (Note 2) | | $ | 237,290,551 | 1 | |
Receivable for investments sold | | | 1,365,518 | | |
Interest and dividends receivable | | | 4,572,582 | | |
Prepaid expenses and other assets | | | 46,084 | | |
Total Assets | | | 243,274,735 | | |
Liabilities | |
Due to custodian | | | 283,972 | | |
Investment advisory fees (Note 3) | | | 273,662 | | |
Administrative fees (Note 3) | | | 19,634 | | |
Payable upon return of securities loaned (Note 2) | | | 23,010,634 | | |
Payable for investments purchased | | | 1,483,882 | | |
Directors' fees (Note 3) | | | 38,064 | | |
Unrealized depreciation on forward foreign currency contracts (Note 2) | | | 10,226 | | |
Other accrued expenses payable | | | 134,685 | | |
Total Liabilities | | | 25,254,759 | | |
Net Assets | |
Applicable to 49,924,351 shares outstanding | | $ | 218,019,976 | | |
Net Assets Consist of | |
Capital stock, $0.001 par value (Note 6) | | $ | 49,918 | | |
Paid-in capital (Note 6) | | | 386,663,507 | | |
Distributions in excess of net investment income | | | (1,575,536 | ) | |
Accumulated net realized loss on investments and foreign currency transactions | | | (164,369,099 | ) | |
Net unrealized depreciation on investments and foreign currency translations | | | (2,748,814 | ) | |
Net Assets | | $ | 218,019,976 | | |
Net Asset Value Per Share ($218,019,976 ÷ 49,924,351) | | $ | 4.37 | | |
Market Price Per Share | | $ | 4.29 | | |
1 Including $22,541,756 of securities on loan.
See Accompanying Notes to Financial Statements.
13
Credit Suisse Asset Management Income Fund, Inc.
Statement of Operations
For the Six Months Ended June 30, 2007 (unaudited)
Investment Income (Note 2) | |
Interest | | $ | 9,545,332 | | |
Dividends | | | 979 | | |
Securities lending | | | 61,482 | | |
Total investment income | | | 9,607,793 | | |
Expenses | |
Investment advisory fees (Note 3) | | | 541,592 | | |
Administrative fees (Note 3) | | | 47,399 | | |
Printing fees (Note 3) | | | 92,638 | | |
Custodian fees | | | 48,550 | | |
Directors' fees and expenses | | | 45,621 | | |
Shareholder servicing fees | | | 31,241 | | |
Legal fees | | | 29,753 | | |
Audit and tax fees | | | 22,934 | | |
Stock exchange listing fees | | | 4,516 | | |
Miscellaneous expense | | | 14,386 | | |
Total expenses | | | 878,630 | | |
Net investment income | | | 8,729,163 | | |
Net Realized and Unrealized Gain (Loss) from Investments and Foreign Currency Related Items | |
Net realized gain from investments | | | 3,116,195 | | |
Net realized gain on foreign currency transactions | | | 52,434 | | |
Net change in unrealized appreciation (depreciation) from investments | | | (2,773,799 | ) | |
Net change in unrealized appreciation from foreign currency translations | | | 25,180 | | |
Net realized and unrealized gain from investments and foreign currency related items | | | 420,010 | | |
Net increase in net assets resulting from operations | | $ | 9,149,173 | | |
See Accompanying Notes to Financial Statements.
14
Credit Suisse Asset Management Income Fund, Inc.
Statements of Changes in Net Assets
| | For the Six Months Ended June 30, 2007 (unaudited) | | For the Year Ended December 31, 2006 | |
From Operations | |
Net investment income | | $ | 8,729,163 | | | $ | 17,389,007 | | |
Net realized gain (loss) on investments and foreign currency transactions | | | 3,168,629 | | | | (4,686,836 | ) | |
Net change in unrealized appreciation (depreciation) of investments and foreign currency translations | | | (2,748,619 | ) | | | 12,037,635 | | |
Net increase in net assets resulting from operations | | | 9,149,173 | | | | 24,739,806 | | |
From Dividends | |
Dividends from net investment income | | | (7,486,277 | ) | | | (19,958,235 | ) | |
Net decrease in net assets resulting from dividends | | | (7,486,277 | ) | | | (19,958,235 | ) | |
From Capital Share Transactions (Note 6) | |
Reinvestment of dividends | | | 39,256 | | | | — | | |
Net increase in net assets from capital share transactions | | | 39,256 | | | | — | | |
Net increase in net assets | | | 1,702,152 | | | | 4,781,571 | | |
Net Assets | |
Beginning of period | | | 216,317,824 | | | | 211,536,253 | | |
End of period | | $ | 218,019,976 | | | $ | 216,317,824 | | |
Distributions in excess of net investment income | | $ | (1,575,536 | ) | | $ | (2,818,422 | ) | |
See Accompanying Notes to Financial Statements.
15
Credit Suisse Asset Management Income Fund, Inc.
Financial Highlights
| | For the Six Months Ended 6/30/07 | |
Per share operating performance | | (unaudited) | |
Net asset value, beginning of period | | $ | 4.34 | | |
INVESTMENT ACTIVITIES | |
Net investment income | | | 0.17 | | |
Net realized and unrealized gain (loss) on investments and futures contracts | | | 0.01 | | |
Total from investment activities | | | 0.18 | | |
LESS DIVIDENDS | |
Net investment income | | | (0.15 | ) | |
Return of capital | | | — | | |
Total dividends | | | (0.15 | ) | |
Net asset value, end of period | | $ | 4.37 | | |
Per share market value, end of period | | $ | 4.29 | | |
TOTAL INVESTMENT RETURN | |
Net asset value1 | | | 4.16 | % | |
Market value | | | 1.32 | % | |
RATIOS AND SUPPLEMENTAL DATA | |
Net assets, end of period (000s omitted) | | $ | 218,020 | | |
Ratio of expenses to average net assets including expense offsets | | | 0.80 | %* | |
Ratio of expenses to average net assets | | | 0.80 | %* | |
Ratio of net investment income to average net assets | | | 7.98 | %* | |
Portfolio turnover rate | | | 25.2 | % | |
† Calculated using the average share method.
* Annualized.
1 Total investment return based on per share net asset value reflects the effects of change in net asset value on the performance
of the Fund during each year, and assumes dividends and capital gains distributions, if any, were reinvested. These percentages
are not an indication of the performance of a shareholder's investment in the Fund based on market value, due to differences
between the market price of the stock and the net asset value of the Fund.
2 This amount represents less then $(0.01) per share.
3 As required, effective January 1, 2001 the Fund has adopted provisions of AICPA Audit and Accounting Guide for Investment
Companies and has begun amortizing premium on debt securities. The effect of this change for the year ended December 31, 2001
was a decrease to net investment income per share by $0.004 and an increase to net realized and unrealized gains and losses
per share by $0.004 and a decrease to the net ratio of net investment income to average net assets from 11.73% to 11.66%.
Per share ratios and supplemental data for prior periods have not been restated to reflect this change.
4 Due to the realignment of the Fund's portfolio in connection with the combination with Credit Suisse Strategic Global Income
Fund, Inc., the cost of purchases of $30,040,944 and proceeds from sales of $37,801,151 have been excluded from the Portfolio
Turnover calculation.
Note: Current Year permanent book-tax differences, if any, are not included in the calculation of net investment income per share.
See Accompanying Notes to Financial Statements.
16
| | Year Ended | |
Per share operating performance | | 12/31/06 | | 12/31/05 | | 12/31/04 | | 12/31/03 | | 12/31/02 | | 12/31/013 | | 12/31/00 | | 12/31/99 | | 12/31/98 | | 12/31/97 | |
Net asset value, beginning of period | | $ | 4.24 | | | $ | 4.56 | | | $ | 4.41 | | | $ | 3.91 | | | $ | 4.74 | | | $ | 5.70 | | | $ | 7.34 | | | $ | 7.77 | | | $ | 8.44 | | | $ | 8.12 | | |
INVESTMENT ACTIVITIES | |
Net investment income | | | 0.36 | | | | 0.36 | | | | 0.35 | | | | 0.37 | | | | 0.42 | | | | 0.61 | † | | | 0.67 | | | | 0.75 | | | | 0.71 | | | | 0.69 | | |
Net realized and unrealized gain (loss) on investments and futures contracts | | | 0.14 | | | | (0.28 | ) | | | 0.22 | | | | 0.58 | | | | (0.55 | ) | | | (0.85 | ) | | | (1.55 | ) | | | (0.46 | ) | | | (0.66 | ) | | | 0.39 | | |
Total from investment activities | | | 0.50 | | | | 0.08 | | | | 0.57 | | | | 0.95 | | | | (0.13 | ) | | | (0.24 | ) | | | (0.88 | ) | | | 0.29 | | | | 0.05 | | | | 1.08 | | |
LESS DIVIDENDS | |
Net investment income | | | (0.40 | ) | | | (0.40 | ) | | | (0.40 | ) | | | (0.43 | ) | | | (0.62 | ) | | | (0.72 | ) | | | (0.76 | ) | | | (0.72 | ) | | | (0.72 | ) | | | (0.76 | ) | |
Return of capital | | | — | | | | (0.00 | )2 | | | (0.02 | ) | | | (0.02 | ) | | | (0.08 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | |
Total dividends | | | (0.40 | ) | | | (0.40 | ) | | | (0.42 | ) | | | (0.45 | ) | | | (0.70 | ) | | | (0.72 | ) | | | (0.76 | ) | | | (0.72 | ) | | | (0.72 | ) | | | (0.76 | ) | |
Net asset value, end of period | | $ | 4.34 | | | $ | 4.24 | | | $ | 4.56 | | | $ | 4.41 | | | $ | 3.91 | | | $ | 4.74 | | | $ | 5.70 | | | $ | 7.34 | | | $ | 7.77 | | | $ | 8.44 | | |
Per share market value, end of period | | $ | 4.38 | | | $ | 3.67 | | | $ | 4.45 | | | $ | 4.50 | | | $ | 3.88 | | | $ | 4.98 | | | $ | 5.56 | | | $ | 6.06 | | | $ | 7.56 | | | $ | 8.75 | | |
TOTAL INVESTMENT RETURN | |
Net asset value1 | | | 12.73 | % | | | 1.74 | % | | | 13.55 | % | | | 24.59 | % | | | (5.26 | )% | | | (6.04 | )% | | | (12.37 | )% | | | 4.50 | % | | | 0.47 | % | | | 14.03 | % | |
Market value | | | 31.44 | % | | | (9.76 | )% | | | 8.60 | % | | | 28.11 | % | | | (10.52 | )% | | | 1.15 | % | | | 3.55 | % | | | (11.32 | )% | | | (5.68 | )% | | | 25.90 | % | |
RATIOS AND SUPPLEMENTAL DATA | |
Net assets, end of period (000s omitted) | | $ | 216,318 | | | $ | 211,536 | | | $ | 227,374 | | | $ | 219,864 | | | $ | 195,089 | | | $ | 236,652 | | | $ | 197,817 | | | $ | 254,857 | | | $ | 269,507 | | | $ | 291,959 | | |
Ratio of expenses to average net assets including expense offsets | | | 0.74 | % | | | 0.82 | % | | | 0.78 | % | | | 0.78 | % | | | 0.79 | % | | | 1.07 | % | | | 0.78 | % | | | 0.78 | % | | | 0.81 | % | | | 0.84 | % | |
Ratio of expenses to average net assets | | | 0.74 | % | | | 0.82 | % | | | 0.78 | % | | | 0.78 | % | | | 0.79 | % | | | 1.07 | % | | | 0.78 | % | | | 0.78 | % | | | 0.81 | % | | | 0.84 | % | |
Ratio of net investment income to average net assets | | | 8.32 | % | | | 8.20 | % | | | 8.08 | % | | | 8.83 | % | | | 9.93 | % | | | 11.66 | % | | | 10.10 | % | | | 9.90 | % | | | 8.59 | % | | | 8.47 | % | |
Portfolio turnover rate | | | 58.0 | % | | | 61.5 | % | | | 57.8 | % | | | 77.8 | % | | | 61.1 | % | | | 50.1 | %4 | | | 39.1 | % | | | 43.5 | % | | | 84.7 | % | | | 97.7 | % | |
See Accompanying Notes to Financial Statements.
17
Credit Suisse Asset Management Income Fund, Inc.
Notes to Financial Statements
June 30, 2007 (unaudited)
Note 1. Organization
Credit Suisse Asset Management Income Fund, Inc. (the "Fund") was incorporated on February 11, 1987 and is registered as a diversified, closed-end investment company under the Investment Company Act of 1940, as amended. The Fund's investment objective is to seek current income through investment primarily in debt securities.
Note 2. Significant Accounting Policies
A) SECURITY VALUATION — The net asset value of the Fund is determined daily as of the close of regular trading on the New York Stock Exchange, Inc. (the "Exchange") on each day the Exchange is open for business. Debt securities with a remaining maturity greater than 60 days are valued in accordance with the price supplied by a pricing service, which may use a matrix, formula or other objective method that takes into consideration market indices, yield curves and other specific adjustments. Debt obligations that will mature in 60 days or less are valued on the basis of amortized cost, which approximates market value, unless it is determined that using this method would not represent fair value. Equity investments are valued at market value, which is generally determined using the closing price on the exchange or market on which the security is primarily traded at the time of valuation ("Valuation Time"). If no sales are reported, equity investments are generally valued at the most recent bid quotation as of the Valuation Time or at the lowest asked quotation in the case of a short sale of securities. Investments in mutual funds are valued at the mutual fund's closing net asset value per share on the day of valuation. Securities and other assets for which market quotations are not readily available, or whose values have been materially affected by events occurring before the Fund's Valuation Time but after the close of the securities' primary markets, are valued at fair value as determined in good faith by, or under the direction of, the Board of Directors under procedures established by the Board of Directors.
The Fund may invest up to 10% of its total assets in securities which are not readily marketable, including those which are restricted as to disposition under securities law ("restricted securities") (excludes 144A securities that have been determined to be liquid under procedures established by the Board of Directors). These securities are valued pursuant to the valuation procedures noted above.
B) SECURITY TRANSACTIONS AND INVESTMENT INCOME — Security transactions are accounted for on a trade date basis. Interest income is accrued as earned. The Fund amortizes premium and accretes discount using the effective yield method. Dividends are recorded on the ex-dividend date. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes. Discount or premium on mortgage backed securities is recorded upon receipt of principal payments on the underlying mortgage pools.
C) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Dividends from net investment income are declared and paid monthly. Distributions of net realized capital gains, if any, are declared and paid at least annually. However, to the extent that a net realized capital gain can be reduced by a capital loss carryover, such gain will not be distributed. Income and capital gains distributions are determined in accordance with federal income tax regulations, which may differ from generally accepted accounting principles in the United States of America ("GAAP").
D) FEDERAL INCOME TAXES — No provision is made for federal taxes as it is the Fund's intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under the Internal Revenue Code of 1986, as amended, and to make the requisite distributions to its shareholders, which will be sufficient to relieve it from federal income and excise taxes.
18
Credit Suisse Asset Management Income Fund, Inc.
Notes to Financial Statements (continued)
June 30, 2007 (unaudited)
E) USE OF ESTIMATES — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from these estimates.
F) SHORT-TERM INVESTMENTS — The Fund sweeps available cash into a short-term time deposit available through Brown Brothers Harriman & Co. ("BBH & Co"), the Fund's custodian. The short-term time deposit is a variable rate account classified as a short-term investment.
G) DELAYED DELIVERY COMMITMENTS — The Fund may purchase or sell securities on a when-issued or forward commitment basis. Payment and delivery may take place a month or more after the date of the transaction. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated.
H) FUTURES CONTRACTS — The Fund may enter into futures contracts to the extent permitted by its investment policies and objectives. Upon entering into a futures contract, the Fund is required to deposit cash or pledge U.S. Government securities as initial margin. Subsequent payments, which are dependent on the daily fluctuations in the value of the underlying instrument, are made or received by the Fund each day (daily variation margin) and are recorded as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund's basis in the contracts. Risks of entering into futures contracts for hedging purposes include the possibility that a change in the value of the contracts may not correlate with the changes in the value of the underlying instruments. In addition, the purch ase of futures contracts involves the risk that the Fund could lose more than the original margin deposit and subsequent payments required for a futures transaction. At June 30, 2007, the Fund had no open futures contracts.
I) FORWARD FOREIGN CURRENCY CONTRACTS — The Fund may enter into forward foreign currency contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency. The Fund will enter into forward foreign currency contracts primarily for hedging purposes. Forward foreign currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized until the contract settlement date, or an offsetting position is entered into. At June 30, 2007, the Fund had the following forward foreign currency contracts.
Forward Foreign Currency Contract | | Expiration Date | | Foreign Currency To Be Sold | | Contract Amount | | Contract Value | | Unrealized Loss | |
British Pound | | 9/28/2007 | | £ | 370,000 | | | $ | 738,624 | | | $ | 741,480 | | | $ | (2,856 | ) | |
European Economic Unit | | 9/28/2007 | | € | 1,880,000 | | | $ | 2,539,354 | | | $ | 2,546,723 | | | $ | (7,370 | ) | |
| | | | | | $ | 3,277,978 | | | $ | 3,288,203 | | | $ | (10,226 | ) | |
J) SECURITIES LENDING — Loans of securities are required at all times to be secured by collateral at least equal to 102% of the market value of domestic securities on loan (including any accrued interest thereon) and 105% of the market value of foreign securities on loan (including any accrued interest thereon). Cash collateral received by the Fund in connection with securities lending activity may be invested in a variety of investments, including certain Credit Suisse advised funds, funds advised by BBH&Co., the Fund's securities lending agent, or money
19
Credit Suisse Asset Management Income Fund, Inc.
Notes to Financial Statements (continued)
June 30, 2007 (unaudited)
market instruments. However, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings.
BBH&Co. has been engaged by the Fund to act as the Fund's securities lending agent. The Fund's securities lending arrangement provides that the Fund and BBH&Co. will share net income earned from the securities lending activities. During the six months ended June 30, 2007, total earnings from the Fund's investment in cash collateral received in connection with securities lending arrangements was $618,204 of which $541,351 was rebated to borrowers (brokers). The Fund retained $61,482 in income from the cash collateral investment and BBH&Co., as lending agent, was paid $15,371. The Fund may also be entitled to certain minimum amounts of income from its securities lending activities. Securities lending income is accrued as earned.
K) OTHER — The Fund may invest in securities of foreign countries and governments which involve certain risks in addition to those inherent in domestic investments. Such risks generally include, among others, currency risks (fluctuations in currency exchange rates), information risk (key information may be inaccurate or unavailable) and political risk (expropriation, nationalization or the imposition of capital or currency controls or punitive taxes). Other risks of investing in foreign securities include liquidity and valuation risks.
The Fund may be subject to taxes imposed by countries in which it invests with respect to its investments in issuers existing or operating in such countries. Such taxes are generally based on income earned or repatriated and capital gains realized on the sale of such investments. The Fund accrues such taxes when the related income is earned or gains are realized.
The Fund's investments in securities of issuers located in less developed countries considered to be "emerging markets" involve risks in addition to those generally applicable to foreign securities. Focusing on emerging (less developed) markets involves higher levels of risk, including increased currency, information, liquidity, market, political and valuation risks. Deficiencies in regulatory oversight, market infrastructure, shareholder protections and company laws could expose the Fund to operational and other risks as well. Some countries may have restrictions that could limit the Fund's access to attractive investment opportunities. Additionally, emerging markets often face serious economic problems (such as high external debt, inflation and unemployment) that could subject the portfolio to increased volatility or substantial declines in value.
Lower-rated debt securities (commonly known as "junk bonds") possess speculative characteristics and are subject to greater market fluctuations and risk of lost income and principal than higher-rated debt securities for a variety of reasons. Also, during an economic downturn or substantial period of rising interest rates, highly leveraged issuers may experience financial stress which would adversely effect their ability to service their principal and interest payment obligations, to meet projected business goals and to obtain additional financing.
In addition, periods of economic uncertainty and changes can be expected to result in increased volatility of market prices of lower-rated debt securities and (to the extent the Fund invests in junk bonds) the Fund's net asset value.
Note 3. Transactions with Affiliates and Related Parties
Credit Suisse serves as investment adviser for the Fund. For its investment advisory services, Credit Suisse is entitled to receive a fee from the Fund at a rate per annum, computed weekly and paid quarterly, as follows: 0.50% of the lower of the weekly stock price (market value) of the Fund's outstanding shares or its average weekly net assets. For the six months ended June 30, 2007, investment advisory fees earned were $541,592.
20
Credit Suisse Asset Management Income Fund, Inc.
Notes to Financial Statements (continued)
June 30, 2007 (unaudited)
Credit Suisse Asset Management Limited ("Credit Suisse U.K."), an affiliate of Credit Suisse, is sub-investment adviser to the Fund. Credit Suisse U.K.'s sub-investment advisory fees are paid by Credit Suisse out of Credit Suisse's net investment advisory fee and are not paid by the Fund.
BBH&Co. provides administrative and custodial services to the Fund. Under the Administration and Custody Agreements, BBH&Co. is paid a fee based on average net assets. For the six months ended June 30, 2007, BBH&Co. earned administrative service fees (including out-of-pocket expenses) of $47,399.
The Independent Directors receive fifty percent (50%) of their annual retainer in the form of shares purchased by the Fund's transfer agent in the open market.
Merrill Corporation ("Merrill"), an affiliate of Credit Suisse, has been engaged by the Fund to provide certain financial printing services. For the six months ended June 30, 2007, Merrill was paid $32,779 for its services to the Fund.
Note 4. Line of Credit
The Fund, together with other funds/portfolios advised by Credit Suisse (collectively, the "Participating Funds"), participates in a $50 million committed, unsecured line of credit facility ("Credit Facility") for temporary or emergency purposes with Deutsche Bank, A.G. as administrative agent and syndication agent and State Street Bank and Trust Company as operations agent. Under the terms of the Credit Facility, the Participating Funds pay an aggregate commitment fee at a rate of 0.10% per annum on the average unused amount of the Credit Facility, which is allocated among the Participating Funds in such manner as is determined by the governing Boards of the Participating Funds. In addition, the Participating Funds pay interest on borrowings at the Federal Funds rate plus 0.50%. At June 30, 2007 and during the six months ended June 30, 2007, the Fund had no borrowings under the Credit Facility.
Note 5. Purchases and Sales of Securities
For the six months ended June 30, 2007, the Fund had no investments in U.S. Government and Agency Obligations. Purchases and sales of investment securities (excluding short-term investments) were $58,205,111 and $54,411,852, respectively.
At June 30, 2007, the identified cost for federal income tax purposes, as well as the gross unrealized appreciation from investments for those securities having an excess of value over cost, gross unrealized depreciation from investments for those securities having an excess of cost over value and the net unrealized depreciation from investments were $240,039,365, $6,761,243, $(9,510,057), and $(2,748,814), respectively.
Note 6. Fund Shares
The Fund has one class of shares of common stock, par value $0.001 per share; one hundred million shares are authorized. Transactions in shares of common stock were as follows:
| | For the Six Months Ended June 30, 2007 (unaudited) | | For the Year Ended December 31, 2006 | |
Shares issued through reinvestment of dividends | | | 28,763 | | | | — | | |
21
Credit Suisse Asset Management Income Fund, Inc.
Notes to Financial Statements (continued)
June 30, 2007 (unaudited)
Note 7. Contingencies
In the normal course of business, the Fund may provide general indemnifications pursuant to certain contracts and organizational documents. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote.
Note 8. Recent Accounting Pronouncements
In July 2006, the Financial Accounting Standards Board ("FASB") released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes ("FIN 48"), an interpretation of FASB Statement No. 109. FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more likely than not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the more likely than not threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is effective during the first required financial reporting period for fiscal years beginning after December 15, 2006. Management adopted FIN 48 on June 29, 2007. There was no material impact to the financial statements or disclosures thereto as a result of the adoption of this pronouncement.
On September 20, 2006, the FASB released Statement of Financial Accounting Standards No. 157 "Fair Value Measurements" ("FAS 157"). FAS 157 establishes an authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair-value measurements. The application of FAS 157 is required for fiscal years, beginning after November 15, 2007 and interim periods within those fiscal years.
At this time, management is evaluating the implication of FAS 157 and its impact on the financial statements has not yet been determined.
22
Credit Suisse Asset Management Income Fund, Inc.
Results of Annual Meeting of Shareholders (unaudited)
On April 26, 2007, the Annual Meeting of Shareholders of the Credit Suisse Asset Management Income Fund, Inc. (the "Fund") was held and the following matter was voted upon:
(1) To re-elect two directors to the Board of Directors of the Fund:
Name of Director | | For | | Withheld | |
Enrique R. Arzac | | | 43,946,120 | | | | 704,853 | | |
Terry F. Bovarnick | | | 43,919,587 | | | | 731,386 | | |
In addition to the directors elected at the meeting, James J. Cattano, Lawrence J. Fox, Lawrence D. Haber and Steven N. Rappaport continue to serve as Directors of the Fund.
Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that the Credit Suisse Asset Management Income Fund, Inc. may from time to time purchase shares of its capital stock in the open market.
23
Credit Suisse Asset Management Income Fund, Inc.
Privacy Policy Notice (unaudited)
Important Privacy Choices for Consumers
We are committed to maintaining the privacy of every current and prospective customer. We recognize that you entrust important personal information to us, and we wish to assure you that we take seriously our responsibilities in protecting and safeguarding this information.
In connection with making available investment products and services to current and potential customers, we may obtain nonpublic personal information about you. This information may include your name, address, e-mail address, social security number, account number, assets, income, financial situation, transaction history and other personal information.
We may collect nonpublic information about you from the following sources:
• Information we receive on applications, forms, questionnaires, web sites, agreements or in the course of establishing or maintaining a customer relationship; and
• Information about your transactions with us, our affiliates, or others.
We do not disclose any nonpublic personal information about our customers or former customers to anyone, except with your consent or as otherwise permitted by law.
In cases where we believe that additional products and services may be of interest to you, we may share the information described above with our affiliates.
We may also disclose this information to firms that perform services on our behalf. These agents and service providers are required to treat the information confidentially and use it only for the purpose for which it is provided.
We restrict access to nonpublic personal information about you to those employees, agents or other parties who need to know that information to provide products or services to you or in connection with your investments with or through us. We maintain physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.
Note: This Notice is provided to clients and prospective clients of Credit Suisse Asset Management, LLC, ("Credit Suisse"), and Credit Suisse Asset Management Securities, Inc., and shareholders and prospective shareholders in Credit Suisse-sponsored and advised investment companies, including Credit Suisse Funds, and other consumers and customers, as applicable. This Notice is not intended to be incorporated in any offering materials but is merely a statement of our current Privacy Policy, and may be amended from time to time upon notice to you. This Notice is dated as of May 17, 2007.
24
Credit Suisse Asset Management Income Fund, Inc.
Proxy Voting and Portfolio Holdings Information (unaudited)
Information regarding how the Credit Suisse Asset Management Income Fund, Inc. (the "Fund") voted proxies related to its portfolio securities during the 12-month period ended June 30 of each year, as well as policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities are available:
• By calling 1-800-293-1232
• On the Fund's website, www.credit-suisse.com/us
• On the website of the Securities and Exchange Commission, www.sec.gov
The Fund files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Fund's Forms N-Q are available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the SEC's Public Reference Room may be obtained by calling 1-202-551-8090.
25
Credit Suisse Asset Management Income Fund, Inc.
Other Funds Managed by Credit Suisse Asset Management, LLC
CLOSED-END FUNDS
Single Country
The Chile Fund, Inc. (AMEX: CH)
The First Israel Fund, Inc. (AMEX: ISL)
The Indonesia Fund, Inc. (AMEX: IF)
Multiple Country
The Emerging Markets Telecommunications Fund, Inc. (AMEX: ETF)
The Latin America Equity Fund, Inc. (AMEX: LAQ)
Fixed Income
Credit Suisse Asset Management Income Fund, Inc. (AMEX: CIK)
Credit Suisse High Yield Bond Fund (AMEX: DHY)
Literature Request — Call today for free descriptive information on the closed-end funds listed above at 1-800-293-1232 or visit our website on the Internet: www.credit-suisse.com/us.
OPEN-END FUNDS
Credit Suisse Absolute Return Fund
Credit Suisse Cash Reserve Fund
Credit Suisse Commodity Return Strategy Fund
Credit Suisse Emerging Markets Fund
Credit Suisse Global Fixed Income Fund
Credit Suisse Global Small Cap Fund
Credit Suisse High Income Fund
Credit Suisse International Focus Fund
Credit Suisse Japan Equity Fund
Credit Suisse Large Cap Blend Fund
Credit Suisse Large Cap Growth Fund
Credit Suisse Large Cap Value Fund
Credit Suisse Mid-Cap Core Fund
Credit Suisse Short Duration Bond Fund
Credit Suisse Small Cap Core Fund
Fund shares are not deposits or other obligations of Credit Suisse Asset Management, LLC or any affiliate, are not FDIC-insured and are not guaranteed by Credit Suisse Asset Management, LLC or any affiliate. Fund investments are subject to investment risks, including loss of your investment. There are special risk considerations associated with international, global, emerging-markets, small-company, private equity, high-yield debt, single-industry, single-country and other special, aggressive or concentrated investment strategies. Past performance cannot guarantee future results.
More complete information about a fund, including charges and expenses, is provided in the Prospectus, which should be read carefully before investing. You may obtain copies by calling Credit Suisse Funds at 800-927-2874. Performance information current to the most recent month-end is available at www.credit-suisse.com/us.
Credit Suisse Asset Management Securities, Inc., Distributor.
26
CIK-SAR-0607
This report, including the financial statements herein, is sent to the shareholders of the Fund for their information. The financial information included herein is taken from the records of the Fund without examination by independent registered public accountants who do not express an opinion thereon. It is not a prospectus, circular or representation intended for use in the purchase or sale of shares of the Fund or of any securities mentioned in this report.
Item 2. Code of Ethics.
This item is inapplicable to a semi-annual report on Form N-CSR.
Item 3. Audit Committee Financial Expert.
This item is inapplicable to a semi-annual report on Form N-CSR.
Item 4. Principal Accountant Fees and Services.
This item is inapplicable to a semi-annual report on Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
This item is inapplicable to a semi-annual report on Form N-CSR.
Item 6. Schedule of Investments.
Included as part of the report to shareholders filed under Item 1 of this Form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
This item is inapplicable to a semi-annual report on Form N-CSR.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
This item is inapplicable to a semi-annual report on Form N-CSR.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
None.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors since the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(g) of Schedule 14A in its definitive proxy statement dated March 2, 2007.
Item 11. Controls and Procedures.
(a) As of a date within 90 days from the filing date of this report, the principal executive officer and principal financial officer concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) were effective based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934.
(b) There were no changes in registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the registrant’s last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits.
(a)(1) Not applicable.
(a)(2) The certifications of the registrant as required by Rule 30a-2(a) under the Act are exhibits to this report.
(a)(3) Not applicable.
(b) The certifications of the registrant as required by Rule 30a-2(b) under the Act are an exhibit to this report.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| CREDIT SUISSE ASSET MANAGEMENT INCOME FUND, INC. |
| |
| /s/Keith M. Schappert | |
| Name: Keith M. Schappert |
| Title: Chief Executive Officer |
| Date: September 4, 2007 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| /s/Keith M. Schappert | |
| Name: Keith M. Schappert |
| Title: Chief Executive Officer |
| Date: September 4, 2007 |
| /s/Michael A. Pignataro | |
| Name: Michael A. Pignataro |
| Title: Chief Financial Officer |
| Date: September 4, 2007 |